Heniff Acquires Superior Bulk Logistics

USA - English

• USA - English

OAKBROOK, Ill., Dec. 19, 2019 /PRNewswire-PRWeb/ -- Superior Bulk Logistics, Inc. and Heniff Transportation are pleased to announce that the two liquid bulk carriers have entered into a strategic transaction that will create one of the largest bulk carriers in the industry. The combined resources of the two companies will provide customers more efficient shipping capacity and cost-effective transportation solutions. Both carriers have long standing reputations for providing reliable and safe transportation of their customers' shipments in the spirit of product stewardship. In addition to outstanding safety records, Superior and Heniff maintain almost 2000 highly trained drivers operating out of an integrated network of nearly 100 terminal locations.

Bob Heniff, founder and Chief Executive Officer of Heniff Transportation, said, "We are constantly seeking ways to improve our customer service capabilities. This transaction is a perfect example of how we will continue to invest in the business to ensure we have the resources to become strategic partners with our customers." He continued, "Superior has been a top tier carrier for many years. We are confident that our customers, drivers and employees will benefit from the ability to offer more comprehensive shipping solutions." The new combined organization, including Carry Transit, will be an industry leader in the following areas: liquid bulk transportation, food grade transportation, tank cleaning, rail transloading, ISO depot and maintenance services. Mr. Heniff stated, "The new organization will offer services second to none in the chemical and food grade bulk transportation industry with the ability to provide the market and customers a broad range of shipping solutions."

Wes Stone, Chief Executive Office of Superior, added his enthusiastic support for the transaction. "Today we have taken two high performing carriers and have created a true market leader. We will continue to seek opportunities to extend our customer service capabilities by expanding into new geographies, new service lines and by continuing to invest in our fleet assets and operating platforms. These new markets and services will also afford many exciting career development opportunities at our company." Mr. Stone will continue to serve as President and Chief Commercial Officer of the company focusing on business development.

Heniff raised the capital resources for the acquisition by partnering with Olympus Partners and a consortium of lenders. Terms of the acquisition and financing were not announced. Olympus Partners is a private equity firm focused on providing equity capital for middle market management buyouts and for growing companies. Olympus manages in excess of $8.5 billion mainly on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. Founded in 1988, Olympus is an active, long-term investor across a broad range of industries including business services, food services, consumer products, healthcare services, financial services, industrial services and manufacturing.

SOURCE Heniff Transportation Systems