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United Petroleum Transports acquires Patriot Transportation Holding of Jacksonville, Florida, and its wholly owned subsidiary Florida Rock and Tank Lines, the company was announced.
The $65.9 million agreement is building a tanker business that exceeds $200 million in annual revenue, employing more than 1,000 drivers serving 30 terminals in 11 states, according to Patriot. The transaction is expected to close early next year.
The Patriot acquisition is in line with United’s plan to expand in the Southeast, Greg Price, executive chairman of Oklahoma City, Oklahoma-based liquid bulk carrier United Petroleum, said in a statement. Patriot is publicly owned and will go private, according to United Petroleum.
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 retain the Florida Rock and Tank Lines name and retain its employees, Patriot said. Florida Rock specializes in oil, liquid and dry bulk transportation 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 I look forward to working side-by-side with their management team,” said Sandlin.