Tank truck carrier Quality Distribution and one of its major shareholders launched a secondary offering of the Tampa, Fla., company’s common shares.
Quality and Apollo Management offered a combined total of 5 million shares to investors, with each side supplying half of the shares.
Quality is North America’s second-largest tank truck carrier behind Kenan Advantage Group, which is privately held.
Quality — ranked No. 33 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers — last week reported a fourth-quarter profit.
A syndicate of nine banks is handling the underwriting, and has an additional 750,000 shares for over allotments. Quality should have 26.9 million shares outstanding after the offering is completed, Quality said in a filing Monday with the Securities and Exchange Commission.
Quality was started as a roll-up of tank truck carriers by Apollo in 1998. The private equity firm took it public in a November 2003 initial public offering.