Heartland Express Acquires Interstate Distributor Co.

Heartland Express has acquired 100% of the outstanding stock of Interstate Distributer Co. of Tacoma, Washington from Saltchuk Resources, Inc., the company said Thursday.

The enterprise value of the transaction was approximately $113 million. The transaction was funded through $94 million of Heartland’s existing cash, plus assumption of approximately $23 million of Interstate Distributer’s debt, and acquisition of $4 million in cash on Interstate Distributer’s balance sheet. Heartland expects to pay off all of Interstate Distributer’s debt after closing.

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