Heartland Express Inc. said it has acquired all of the stock of Gordon Trucking Inc., which Heartland said creates the fifth-largest asset-based truckload fleet in North America.
The transaction is worth $300 million, Heartland said in a Nov. 11 statement.
“We searched for many years for the best fit to expand our capabilities for customers, our opportunities for drivers, and our growth for our stockholders,” Heartland Chairman and CEO Michael Gerdin said in the statment. “With GTI, Heartland acquires a major presence in the West, affording the combined customer base significant capacity nationwide.”
Larry Gordon, founder and chairman of Gordon Trucking, will retire and join Heartland’s board of directors, Heartland said. Steve and Scott Gordon, who were also Gordon Trucking executives, will join Heartland’s management team.
“Through these transactions, our people have the opportunity to build on a strong foundation, learn best practices, contribute to an industry leader, and gain access to new customers and geographies,” Larry Gordon said in the statement.
Heartland is ranked No. 47 on the Transport Topics Top 100 list of for-hire carriers in the United States and Canada. Gordon Trucking is ranked No. 61.