3/6/2012 2:00:00 PM
Write a Letter to the Editor
TT File Photo
Tank truck carrier Quality Distribution and one of its major shareholders launched a secondary offering of the Tampa, Fla., companyâ€™s common shares.
Quality and Apollo Management offered a combined total of 5 million shares to investors, with each side supplying half of the shares.
Quality is North Americaâ€™s second-largest tank truck carrier behind Kenan Advantage Group, which is privately held.
Quality â€” ranked No. 33 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers â€” last week reported a fourth-quarter profit.
A syndicate of nine banks is handling the underwriting, and has an additional 750,000 shares for over allotments. Quality should have 26.9 million shares outstanding after the offering is completed, Quality said in a filing Monday with the Securities and Exchange Commission.
Quality was started as a roll-up of tank truck carriers by Apollo in 1998. The private equity firm took it public in a November 2003 initial public offering.
Follow Transport Topics on RSS Twitter Facebook
Â© 2012, Transport Topics Publishing Group. All rights reserved.
Quality Swings to Fourth-Quarter Profit (2/29/2012 8:45:00 AM)
iTECH: EOBRs Across the Pond (2/13/2012 11:00:00 AM)
Quality Expects Fourth-Quarter Profit (2/10/2012 10:15:00 AM)
Most Carriers Improve 4Q Earnings, Buoyed by Rate Increases, Freight Growth (1/16/2012 4:30:00 AM)
Driver Shortage, Tight Fleet Capacity Fuel Growth of Intermodal Shipping (11/14/2011 10:00:00 AM)
Many LTL Carriers Boost Profits in 3rd Quarter (11/14/2011 9:00:00 AM)