Swift Transportation Acquires Central Refrigerated Transportation for $225M

Swift Transportation Company ("Swift")

announced that today it acquired privately held Central Refrigerated Transportation, Inc. ("Central"), a leading provider of refrigerated trucking services, in a transaction valued at $225 million, including approximately $189 million in cash and $36 million of assumed capital lease obligations and other financial debt.    Headquartered in West Valley City, Utah, Central is a premium service truckload carrier specializing in temperature-controlled freight transportation.  Central is the fifth-largest provider of temperature-controlled truckload services in the U.S., generating $504 million of revenue and $50 million of EBITDA over the twelve months ended June 30, 2013.  The combination of Central's business with Swift's existing refrigerated business is expected to make Swift the nation's second largest temperature-controlled truckload provider. The transaction has been structured to allow synergies to be realized according to an integration plan developed in collaboration with Central management, with cost savings opportunities in the areas of maintenance, fuel and facilities, among others, and revenue opportunities from new and existing customers. Jerry Moyes, the Chief Executive Officer and controlling stockholder of Swift, was the principal owner of Central.  Given Mr. Moyes' interests in the temperature-controlled truckload industry,