Knight Transportation, Inc. (Phoenix) has acquired Edwards Bros., Inc., a refrigerated truckload carrier based in Idaho Falls, Idaho. The purchase price was not disclosed.
According to Knight’s chairman and CEO, Kevin P. Knight, "Edwards Bros. has generated approximately $25 million to $30 million in revenue, including both trucking and brokerage operations. We expect to retain a majority of the revenue, focusing on the most favorable relationships and attempting to match fleet size with the number of qualified drivers. Prior to the acquisition, Edwards Bros. was marginally profitable.
"We believe that Edwards Bros. has good core customers, excellent employees, and a well-placed terminal and administrative facility in Idaho Falls that we are leasing and intend to use going forward. The business will operate under the Edwards Bros. name for the near term, with a transition to the Knight Refrigerated name expected. Morgan Edwards has agreed to work with us for the next several months to facilitate a smooth transition.
"Our first priority will be to ensure continuity of service for customers and a professional transition for driving and non-driving associates. At the same time, we will be working toward improving Edwards Bros.' profitability to Knight's standards. This will take some time, although we expect the transaction to be accretive to our earnings within two full quarters."
Knight Transportation, Inc. is a short to medium haul, truckload carrier headquartered in Phoenix, Ariz. The Company serves most of the United States through its regional operations in Phoenix, AZ; Salt Lake City, UT; Portland, OR; Las Vegas, NV; Denver, CO; Kansas City, KS; Indianapolis, Ind.; Katy, Tex.; Gulfport, Miss.; Charlotte, N.C.; Memphis, Tenn.; Atlanta; Carlisle, Penn.; Lakeland, Fla.; Tulare, Calif.; Chicago and El Paso, Tex. It transports general commodities, including consumer goods, packaged foodstuffs, paper products, beverage containers, imported and exported commodities and refrigerated goods.
Source: Knight Transportation