There’s no place like Kansas for Vitran; buys Wichita LTL carrier
TORONTO, (May 31, 2005) — Canada’s largest LTL carrier Vitran Corp. announced it has acquired Chris Truck Line, a regional LTL fleet based in Wichita, Kansas for about $29.3 million.
Vitran President and Chief Executive Officer Rick Gaetz said Chris Truck Line — which serves the Midwestern and Southwestern U.S. — is the ideal complementary U.S. acquisition Vitran was seeking to extend outward from its stronghold in the Central U.S.
“Chris Truck Line is an extremely good fit given its excellent financial track record, well-run organization and ideal geographic extension on the western fringe of our existing Vitran Express territory, with little overlap,” Gaetz said in a press release.
Chris Truck Line operates 562 pieces of equipment from 19 terminals covering 11 states, with the core segment of their business in Colorado, Kansas, Oklahoma and Texas. As a result Toronto-based Vitran adds 13 new terminals in its expanded region.
Gaetz says Vitran welcomes Chris Truck Line’s 236 employees and is “looking forward to systematically cross-selling Vitran’s premium regional and cross-border services to their customer base.”
For the trailing 12 months ended March 31, 2005, Chris Truck Line generated revenues of $28.9 million.
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