PAM Transport Inc. of Tontitown has acquired Metropolitan Trucking Inc. of Saddle Brook, New Jersey, for $79.8 million.
PAM bought the company through its subsidiary, Met Express Inc., which was formed for the purpose of the acquisition. The purchase price included $64.3 million in cash and $15.5 million in debt assumption.
Metropolitan said it generated $83.3 million in revenue and $13.5 million in operating income for the past year ending in March. It was founded in 1930 by Nicholas Mangino. His grandson, Joseph, is the current CEO and plans to retire after the merger.
“We are proud at PAM to announce this acquisition, our first in nearly 20 years,” PAM CEO Joe Vitiritto said. “We are excited to add the Metro drivers, talented office and shop team, customers and brand to the PAM family. Metropolitan has been operating for almost 90 years as a successful family run business.
“As we looked to do our first acquisition in quite some time, Metropolitan checked all the boxes on what we were looking for in a company. We plan to run it as a separate business, which will allow the experienced management team, drivers, and employees to continue to provide the same high level of service and attention that their customers have come to expect.”
Metropolitan has 320 tractors and 1,060 trailers and is based outside of New York City. Its operations and maintenance facilities are in Bloomsburg, Pennsylvania.
"For 90 years, Metro has provided superior service for customers, a great home for our employees, and a source of pride for my family,” Joe Mangino said. “To ensure our future was secured for the long term, my goal was to find a partner with similar values, strong financial performance, and a desire to invest for growth. We're proud to continue to operate with our historical culture and identity while becoming the northeast regional face for PAM, and we look forward to a smooth transition and a bright future."