Heartland Express Acquires Pennsylvania-Based Smith Transport For $170M

Heartland Express, Inc. HTLD has acquired 100% of the equity of dry van truckload carrier Smith Transport, Inc. and related entities for ~$170 million.
Smith Transport, founded in 1982, is an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, with terminals in Pennsylvania, Georgia, and Indiana. Smith primarily provides dry van transportation and other specialized services in the eastern U.S.
The Smith companies will continue to operate from Roaring Spring, Pennsylvania, under the leadership of Todd Smith, President, with ongoing support from founder Barry Smith.
HTLD expects the acquisition to be immediately accretive to its EPS.
The Roaring Spring, Pennsylvania property was acquired in a separate transaction for $14 million in cash and includes the trucking terminal and 375,000 square feet of warehouse space leased to tenants.
HTLD funded the deal with existing cash. It held cash and equivalents of $187.08 million as of March 31, 2022.
Price Action: HTLD shares are trading higher by 0.21% at $14.31 on the last check Wednesday.