Financial Advisor
United Petroleum Transports, Inc.
M&A Advisory
Has Acquired
Transaction Details
- On December 21, 2023, United Petroleum Transports, Inc. (“UPT”) and Patriot Transportation Holding, Inc. (“Patriot”) closed on UPT’s previously announced acquisition of Patriot and its wholly owned subsidiary, Florida Rock and Tank Lines, Inc. (“Florida Rock”).
- Under the terms of the merger, UPT acquired all outstanding shares of Patriot common stock for $16.26 per share in cash, valuing Patriot at approximately $66.2 million.
- The combination of these companies creates a top ten bulk tank carrier by revenue, with operations stretching from Arizona to Florida and over 1,000 professional drivers and 30 terminals.
About the company
United Petroleum Transports, Inc.
Founded in 1966, United Petroleum Transports is the largest carrier of motor fuels, aviation fuels and chemicals in the Southwest, with Customer Service Centers in Alabama, Arizona, Georgia, Kansas, New Mexico, Oklahoma and Texas. Headquartered in Oklahoma City, UPT is a leader in the tank truck industry, with a professional driver base of more than 670 professional drivers who safely and dependably serve UPT customers across the USA and Canada.
Patriot Transportation Holding, Inc.
Patriot conducts business through its wholly owned subsidiary, Florida Rock. Florida Rock transports petroleum and other liquids and dry bulk commodities. Florida Rock currently operates 19 terminals in addition to numerous truck domicile locations throughout the Southeast. With one of the most modern tank fleets available in the industry, Florida Rock is composed of more than 300 tractors and 400 trailers.
Source: Company Press Release
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