Proficient Auto Logistics Buys Hansen & Adkins for $130 Million, Targeting 25% Auto-Haul Share
Updated
Updated · FreightWaves · Aug 10
Proficient Auto Logistics Buys Hansen & Adkins for $130 Million, Targeting 25% Auto-Haul Share
1 articles · Updated · FreightWaves · Aug 10
Summary
$130 million will buy Hansen & Adkins and add 725 tractor-trailer units, more than doubling Proficient’s fleet and creating a platform expected to move more than 4 million vehicles a year.
The combined business generated about $835 million in revenue and $60 million to $65 million in adjusted EBITDA over the last 12 months, with the deal set to close in mid-August.
Proficient paired the acquisition with weak second-quarter results: a $3.9 million net loss, revenue down 5% to $109 million, and an adjusted operating ratio worsening 280 basis points to 99.5%.
Shares fell 10% after hours as deliveries dropped 8% to 581,000 units, which the company blamed on tight hauling capacity, while fuel, equipment and driver costs outpaced customer pricing.
Management said June margins improved to a 95.7% adjusted operating ratio and forecast second-half revenue of $350 million to $370 million, arguing industry consolidation is accelerating under cost and regulatory pressure.