United Petroleum Transports, Inc., an Oklahoma-based provider of liquid bulk transportation services, recently announced it has entered into an agreement to acquire Patriot Transportation Holding, Inc., a bulk tank carrier specializing in hauling primarily petroleum-related products and other liquid and dry bulk commodities, headquartered in Jacksonville, Florida. Patriot conducts business through its wholly-owned subsidiary, Florida Rock & Tank Lines, Inc.
Terms of the deal were not disclosed.
This acquisition marks a significant milestone for UPT, furthering its and Florida Rock’s shared mission to become a top-five bulk tank carrier by revenue, according to a statement from the company.
The transaction is expected to be finalized in early 2024.
As a result of the acquisition, Patriot will transition from a publicly traded company to a privately held entity. Florida Rock will retain its name and continue to operate as they are today, according to the statement.
“This is truly game-changing for UPT,” said Matt Herndon, president and CEO of UPT. “The acquisition unites prominent brands in the industry and extends the footprint of UPT. We are excited about what we can offer our current and future customers by utilizing both brands from Arizona to Florida.”
UPT’s Executive Chairman Greg Price, said: “This acquisition provides UPT with an amazing opportunity to diversify our services while continuing to be best in class. I’m excited for the opportunity to welcome the professionals of Florida Rock to the UPT family. Together we have a bright future and we will continue to offer integrity, trust, reliability, and dependability to all customers.”
The combination of these companies will create a top 10 bulk tank carrier by revenue, with operations stretching from Arizona to Florida and will feature over 1,000 drivers and 30 terminals. The joining of both companies will also result in enhanced services for current and new customers.