Integrated Freight Corporation (OTCBB: IFCR) has acquired Cross Creek Trucking, a Medford OR-based refrigerated freight hauler.
In operation since 1986, Cross Creek was founded with a few trucks and the goal of helping small farmers and receivers along the Interstate 5 corridor. It has since expanded to a fleet of more than 115 late-model tractors, 170 refrigerated trailers, and 30 dry trailers with 2010 revenues of about $28 million. Cross Creek offers nationwide service with a strong presence in Oregon, Washington, California, Utah, Nevada, Idaho, and Nebraska.
Michael DeSimone, president and founder of Cross Creek, said, “While we have been a very successful carrier within our own geographical region, joining Integrated’s team will allow our customers, our employees, and our company to access numerous additional opportunities nationwide. With the support of Integrated Freight’s network of carriers, we will be able to take advantage of greater freight capacity, access a larger customer base, and enjoy the bulk cost savings that Integrated will provide. Locally, we will continue to provide the same safe, reliable service to our clients in the Western United States that we have been for the past 25 years. Nationally, we’re ready to expand our base of operations, continue to improve shipping options for our customers, and help to grow Integrated Freight into one of the nation’s premier dry and refrigerated freight companies.”
Acquisition of Cross Creek will increase Integrated Freight’s nationwide fleet to more than 300 tractors and 650 trailers while expanding its shipping reach into the Pacific Northwest. The transaction took effect April 1, 2011, and was completed with a combination of cash, equity, and debt.
Sarasota FL-based Integrated Freight provides long-haul, regional, and local service. It specializes in refrigerated and dry truckload services, operating primarily in well-established traffic lanes in the upper Midwest, Pacific Northwest, Texas, California, and the Atlantic Seaboard. The company was formed to acquire and consolidate operating motor freight companies.
Access www.integrated-freight.com for more details.
