United Petroleum Transports Inc. said Dec. 21 it closed its $66 million acquisition of Patriot Transportation Holding Inc. after Patriot shareholders overwhelmingly approved the deal at a special meeting Dec. 19.
Oklahoma City-based UPT is paying $16.26 a share, which was more than twice Patriot’s trading price before agreeing to the buyout Nov. 1.
According to a Securities and Exchange Commission filing by Patriot, more than 2.8 million shares were voted in favor of accepting the offer while only 1,724 were opposed.
Patriot is a trucking company that transports fuel products in four Southeastern states.
UPT transports fuel products by truck in Alabama, Arizona, Georgia, Kansas, New Mexico, Oklahoma and Texas.
The privately owned company said Patriot’s operations will continue operating under its brand name of Florida Rock and Tank Lines Inc.
“Since the initial announcement, Florida Rock’s team has effectively collaborated with UPT in planning to enhance operational outcomes with a shared goal of increasing profitability and service to customers,” UPT Chief Executive Matt Herndon said in a news release.
Patriot, along with a commercial real estate development subsidiary, was spun off from Jacksonville-based construction materials company Florida Rock Industries Inc. in 1986. The transportation and real estate companies were split up into separate public companies in 2015, with the real estate developer continuing to operate as FRP Holdings Inc.
Florida Rock Industries was acquired by Vulcan Materials Co. in 2007.
