Jason McDaniel | Bulk Transporter

UPT closes on Florida Rock acquisition

Dec. 27, 2023
$66.2 million merger, finalized Dec. 19 in a special meeting of Patriot shareholders, creates a Top 10 tank truck carrier with combined revenue greater than $200 million

United Petroleum Transports (UPT) and Patriot Transportation Holding recently finalized UPT’s acquisition of Patriot and its tank truck subsidiary, Florida Rock and Tank Lines, for approximately $66.2 million, the companies announced.

UPT acquired all outstanding shares of Patriot’s common stock for $16.26 per share in cash under the terms of the merger. Patriot now will transition from a publicly traded company to a privately held entity de-listed from the NASDAQ Global Select Market, while Florida Rock and Tank Lines will retain its operating footprint and branding.

The transaction was approved Dec. 19 during a special meeting of shareholders, UPT reported.

See also: UPT agrees to acquire Florida Rock

“We are extremely grateful for all the work performed by so many individuals who made this transaction possible,” Matt Herndon, UPT president and CEO, said in a news release. “Since the initial announcement, Florida Rock’s team has effectively collaborated with UPT in planning to enhance operational outcomes with a shared goal of increasing profitability and service to customers.”

The combination of UPT and Florida Rock creates a Top 10 bulk tank truck carrier by revenue, with operations stretching from Arizona to Florida, over 1,000 professional drivers and 30 terminals spread across 11 states—and revenues in excess of $200 million.

“We’re really excited about what we can do with both of these great teams put together,” David Price, UPT executive vice chairman, told Bulk Transporter last month.

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