Quality Distribution, Inc. Announces the Acquisition of Dunn's Tank Service & Nassau Disposal
TAMPA, Fla., Aug. 6, 2012 (GLOBE NEWSWIRE) -- Quality Distribution, Inc. (Quality or the Company) (Nasdaq:QLTY) today announced that certain of its wholly-owned subsidiaries have purchased the operating assets of Dunn's Tank Service, Inc. (Dunn's) and the operating assets and rights of Nassau Disposal, Inc. (Nassau), for an aggregate cash purchase price of $34.3 million. An additional $3.6 million in cash consideration may be payable if certain future operating and financial performance criteria are satisfied.
Headquartered in Velma, OK, Dunn's provides transportation services to the unconventional oil and gas industry primarily within the Woodford and Utica shales, primarily hauling flowback and production water for various energy customers. The flowback and production water that Dunn's hauls is primarily disposed of utilizing two existing salt water disposal wells owned and operated by Nassau.
On a combined basis for its most recent fiscal year ended December 31, 2011, Dunn's and Nassau had revenues of approximately $17.5 million.
Quality expects the acquisition to be accretive to earnings in 2012.
The acquisition of Dunn's and Nassau represents another important step in expanding and diversifying our energy logistics business. The Woodford and Utica shales are growing and Dunn's is well positioned to capitalize on these oil rich areas. said Gary Enzor, Chief Executive Officer. We are impressed with Todd Dunn and his operating team and are confident this acquisition will further accelerate our growth in the unconventional energy market.
Todd Dunn, President of Dunn's and Nassau stated: We are excited about the opportunity to become part of the Quality family. This relationship will enable us to capitalize on the rapidly growing markets where oil and natural gas are being actively explored.
Headquartered in Tampa, Florida, Quality operates the largest chemical bulk logistics network in North America through its wholly owned subsidiary, Quality Carriers, Inc., and is the largest North American provider of intermodal tank container and depot services through its wholly owned subsidiary, Boasso America Corporation. Quality also provides logistics and transportation services to the unconventional oil and gas industry including crude oil, proppant sand, fresh water, and production fluids, through its wholly owned subsidiaries, QC Energy Resources, Inc., QC Energy Resources, LLC and QC Environmental Services, Inc. Quality's network of independent affiliates and independent owner-operators provides nationwide bulk transportation and related services. Quality is an American Chemistry Council Responsible
Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.
Headquartered in Velma, OK, Dunn's provides transportation services to the unconventional oil and gas industry primarily within the Woodford and Utica shales, primarily hauling flowback and production water for various energy customers. The flowback and production water that Dunn's hauls is primarily disposed of utilizing two existing salt water disposal wells owned and operated by Nassau.
On a combined basis for its most recent fiscal year ended December 31, 2011, Dunn's and Nassau had revenues of approximately $17.5 million.
Quality expects the acquisition to be accretive to earnings in 2012.
The acquisition of Dunn's and Nassau represents another important step in expanding and diversifying our energy logistics business. The Woodford and Utica shales are growing and Dunn's is well positioned to capitalize on these oil rich areas. said Gary Enzor, Chief Executive Officer. We are impressed with Todd Dunn and his operating team and are confident this acquisition will further accelerate our growth in the unconventional energy market.
Todd Dunn, President of Dunn's and Nassau stated: We are excited about the opportunity to become part of the Quality family. This relationship will enable us to capitalize on the rapidly growing markets where oil and natural gas are being actively explored.
Headquartered in Tampa, Florida, Quality operates the largest chemical bulk logistics network in North America through its wholly owned subsidiary, Quality Carriers, Inc., and is the largest North American provider of intermodal tank container and depot services through its wholly owned subsidiary, Boasso America Corporation. Quality also provides logistics and transportation services to the unconventional oil and gas industry including crude oil, proppant sand, fresh water, and production fluids, through its wholly owned subsidiaries, QC Energy Resources, Inc., QC Energy Resources, LLC and QC Environmental Services, Inc. Quality's network of independent affiliates and independent owner-operators provides nationwide bulk transportation and related services. Quality is an American Chemistry Council Responsible
Care(R) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.