United Petroleum Transports is acquiring Patriot Transportation Holding of Jacksonville, Florida, and its wholly owned subsidiary Florida Rock and Tank Lines, the company announced.
The $65.9 million deal creates a tanker operation exceeding $200 million in annual revenues, employing more than 1,000 drivers serving 30 terminals across 11 states, according to Patriot. The transaction is expected to close early next year.
Acquiring Patriot aligns with United’s plan to expand in the southeast, Greg Price, executive chairman of Oklahoma City, Oklahoma-based bulk liquid transporter United Petroleum, said in a statement. Patriot is publicly held and will transition to a private entity, according to United Petroleum.
A large portion of Patriot's business consists of hauling gas and diesel fuel from large scale fuel storage facilities to retail outlets, including convenience stores and truck stops. At these locations, Patriot offloads gas into these locations' fuel storage tanks to sell to customers.
The combined businesses will also help both companies achieve a shared goal of growing beyond their current service footprint, Patriot President and CEO Rob Sandlin said in the release.
United will maintain the Florida Rock and Tank Lines name and retain its employees, Patriot said. Florida Rock specializes in petroleum, liquid and dry bulk hauling with a fleet of 300 tractors, 400 trailers and 17 terminals.
“I appreciate UPT’s executive leadership recognizing our strong brand and quality employees and look forward to working side by side with their management team,” Sandlin said.
