ButcherJoseph Advised Smith Transport on its Sale to Heartland Express.

MANews-(C)2009-2022

US-based boutique investment banking firm ButcherJoseph and Co advised US-based asset-based truckload carrier Smith Transport, Inc on its sale to US-based irregular route truckload carrier Heartland Express, Inc. (NASDAQ: HTLD), the firm said.

The transaction closed in June of 2022.

Heartland acquired 100% of the equity of Smith and related companies for a cash-free, debt-free enterprise value of approximately USD 170m.

Smith was an S corporation for tax purposes, and the transaction included an election under Section 338(h) of the Internal Revenue Code, resulting in tax deduction benefits over periods of one to fifteen years.

The purchase agreement contains customary terms and conditions.

The Roaring Spring, Pennsylvania property was acquired from its owners in a separate transaction for USD 14m in cash and includes both the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants.

Founded in 1982, Smith Transport, Inc. is an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, with terminal locations in Pennsylvania, Georgia, and Indiana.

Smith primarily provides dry van transportation and other specialized services in the eastern United States.

Smith's customer base includes many Fortune 500 companies including expedited transportation integrators, retailers, beverage manufacturers, and home supply companies, several of whom have...

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