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Saia Buys Wisconsin LTL Carrier for $2.5 Million
Less-than-truckload carrier Saia Inc. said Thursday it has acquired Wisconsin-based LTL company Madison Freight Systems for about $2.5 million.
The purchase price is about 3 times Madison’s earnings before interest and taxes. Madison takes in about $15 million in revenue per year and is operating at break-even level, Saia said.Madison covers all of Wisconsin and parts of Illinois and Minnesota. Founded in 1943, it has five terminals and 200 employees. Its operations will be integrated into Saia’s in Wisconsin.“This acquisition advances Saia toward our strategic goal of increased density in our existing geography and providing full-state coverage,” said Saia Chief Executive Officer Richard O’Dell.The expanded Saia will operate 151 terminals in 34 states.
