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May 9, 2012 8:00 AM, EDT

Quality to Buy N.D. Tank Truck Company

Quality Distribution has reached an agreement to purchase Wylie Bice Trucking LLC and RM Resources LLC, in a deal worth up to $98.3 million.

Quality said it is paying $79.3 million for Killdeer, N.D.-based tank truck hauler Wylie Bice and its oilfield services subsidiary, RM Resources.

If the two firms’ earnings before income, taxes, depreciation and amortization is significantly above the $12.6 million recorded in fiscal 2011, another $19 million will be paid, Quality CEO Gary Enzor said in a conference call.

Under the terms, Quality is offering $49 million in cash, a $21.3 million five-year, 5% note and $9 million in stock. The deals are expected to close this quarter.

Quality Distribution, which reported a first-quarter profit on Monday, is ranked No. 33 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.