Swift acquires Central Refrigerated Transportation

Swift Transportation has acquired Central Refrigerated Transportation in a transaction valued at $225 million. This transaction includes about $189 million in cash and $36 million of assumed capital lease obligations and other debt.
Jerry Moyes, chief executive officer and controlling stockholder of Swift, was principal owner of the privately held Central Refrigerated Transportation.
A truckload carrier, West Valley City UT-based Central Refrigerated Transportation specializes in temperature-controlled freight transportation. It ranks as the fifth-largest provider of temperature-controlled truckload services in the United States, generating $504 million of revenue.
Combining Central Refrigerated Transportation’s business with Swift’s refrigerated business is anticipated to make Swift the second-largest temperature-controlled truckload provider in the United States.
In May 2011, Swift’s board of directors formed a special committee to evaluate the firm’s expansion of its temperature-controlled operations, including the possible acquisition of Central Refrigerated Transportation, as well as other firms.