OKLAHOMA CITY (OBV) – An Oklahoma City-based petroleum transport company will become top 10 bulk carrier thanks to the acquisition of a premier carrier that specializes in hauling petroleum-related products.
United Petroleum Transports personnel announced earlier this month that the company entered into an agreement to acquire Patriot Transportation Holding Inc., a premier bulk tank carrier that primarily hauls petroleum-related products as well as other liquid and dry bulk commodities.
“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.”
Patriot is headquartered in Jacksonville, Fla., and conducts business through its wholly owned subsidiary, Florida Rock & Tank Lines Inc. (Florida Rock).
United Petroleum personnel said the acquisition is a significant milestone for the company, advancing UPT’s and Florida Rock’s endeavor to become a top five bulk tank carrier by revenue.
“This acquisition provides UPT with an amazing opportunity to diversify our services while continuing to be best in class,” said UPT Executive Chairman Greg Price. “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.”
UPT will become a top 10 bulk tank carrier by revenue from acquiring Florida Rock. Its operations will now stretch from Arizona to Florida and include over 1,000 professional drivers and 30 terminals. The merger, which is expected to be finalized in early 2024, will lead to enhanced services for current and new customers.
Patriot will transition from a publicly traded company to a privately held entity because of the acquisition.
Florida Rock will retain its name and continue its normal operations.
