Integrated Freight, www.integrated-freight.com – the young and rapidly growing motor freight company with core proficiencies in dry, refrigerated and hazardous waste, reported execution of a letter of intent today to acquire established freight company Texas Star Express.
With a sizeable domestic footprint spanning much of the mid-West, California, Texas and the Atlantic seaboard, IFCR’s long-haul, regional and local services target the major traffic corridors.
The Company is employing a growth strategy focused on consolidating the motor freight sector via precisely such acquisitions.
Texas Star is a natural candidate. With a fleet of some 315 tractors and 1,100 trailers, this 13-year veteran regional/long-haul dry van truckload services provider has firmly established roots in Texas and surrounding areas as a provider of choice to a diverse variety of customers.
CEO of IFCR, Paul Henley, noted the ideal geographic footprint already possessed by Texas Star, the magnitude of the market they have already developed and the substantial capacity as all contributing to the decision.
With projected 2010 revenues anticipated to be in excess of $58M, IFCR is making all the right moves it needs to make in order to realize its tactical, market positioning objectives.
Henley’s vision of a consolidated motor freight provider, operating via a roll-up strategy which spans the entire domestic market, is quickly coming to fruition.
This move to acquire such a sizeable chunk of the underlying infrastructure is indeed a momentous occasion, both for Texas Star and for IFCR as well.
Spirits are high at IFCR which recently completed its third acquisition in May this year and is currently posting a revenue run rate of $44M.
The letter of intent provides for a due diligence window of 45 days, in which time a definitive agreement is to be implemented. The shape of the deal currently on the table would call for a mix of cash, stock and a note from IFCR.
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