Business
P.A.M. Transportation Services, Inc. Announces Acquisition
TONTITOWN, AR / ACCESSWIRE / June 15, 2022 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) (the "Company") today announced that on June 14, 2022, the
About this update from Pamt Corp
[{"type":"text","content":"TONTITOWN, AR / ACCESSWIRE / June 15, 2022 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) (the \"Company\") today announced that on June 14, 2022, the Company completed the acquisition of substantially all the assets of Metropolitan Trucking, Inc. and related entities (the \"Seller\"). The Company expects the current management team to remain in place and to continue operating the business from its existing locations. Driving associates, non-driving associates, and customers should notice little change following the transaction.HighlightsApproximately 320-truck dry van truckload carrier headquartered near New York City, New York, with its primary operating and maintenance facilities located in Bloomsburg, Pennsylvania, will operate as an independent business under the current senior leadership team with no personnel changes expected other than the retirement of the CEO. The buying entity was Met Express, Inc., a newly formed wholly owned subsidiary of the Company.Highly profitable business generated approximately $83.3 million in total revenue ($75.4 million excluding fuel surcharge), $22.1 million in earnings before interest, taxes, depreciation, and amortization (\"EBITDA\") and $13.5 million in operating income for the last twelve months ending March 31, 2022. EBITDA is a non-GAAP financial measure. See Appendix for reconciliation and disclosures.Experienced driving associates focused on safety and customer service, operating a modern tractor and trailer fleet.Veteran professional non-driving associates focused on a culture of excellent customer service, safety, and driver satisfaction are similar to the Company's focus.Enterprise value of approximately $77.4 million, excluding customary adjustments such as working capital adjustment.Company CommentsJoe Vitiritto, President of the Company, commented, \"We are proud at PAM to announce this acquisition, our first in nearly 20 years. We are excited to add the Metro drivers, talented office and shop team, customers and brand to the PAM family. Metropolitan has been operating for almost 90 years as a successful family run business. They have a very experienced group of drivers, long standing customer relationships and a culture that is very complimentary to our existing businesses. As we looked to do our first acquisition in quite some time, Metropolitan checked all the boxe...