Patriot Transportation agrees to almost $66 million buyout

United Petroleum Transports of Oklahoma City will buy the Jacksonville-based trucking company.

  • By
  • | 9:37 a.m. November 1, 2023
  • | 4 Free Articles Remaining!
United Petroleum Transports Inc. is acquiring Jacksonville-based Patriot Transportation Holding Inc.
United Petroleum Transports Inc. is acquiring Jacksonville-based Patriot Transportation Holding Inc.
  • Columnists
  • Basch Report
  • Share

Jacksonville-based Patriot Transportation Holding Inc. announced Nov. 1 it agreed to a buyout by privately held United Petroleum Transports Inc. for $65.9 million in cash.

Patriot, a trucking company that transports fuel products in the Southeast, was spun off from Jacksonville-based construction materials company Florida Rock Industries Inc.

Like Florida Rock, before it was acquired by Vulcan Materials Co. in 2007, Patriot is controlled by the Baker family of Jacksonville, which owns about 26% of the company’s stock.

Oklahoma City-based United Petroleum transports fuel in Alabama, Arizona, Georgia, Kansas, New Mexico, Oklahoma and Texas.

“Patriot is the perfect match for UPT’s strategic intention to expand our network to the southeastern United States,” United Petroleum Executive Chairman Greg Price said in a news release.

Patriot operates 17 terminals in Florida, Georgia, Alabama and Tennessee. The company reported revenue of about $70 million in the first nine months of fiscal 2023.

While United Petroleum is private, the companies said their combined annual revenue will be more than $200 million.

“We have operated this business for many years, and we appreciate that the quality of the organization is being recognized by UPT,” Patriot Chairman Tom Baker said in the news release.

“We appreciate the support of our shareholders and believe this transaction rewards them for their unwavering support,” said Baker, a former CEO of Patriot who was recently named president of Vulcan Materials.

United Petroleum agreed to pay $16.26 per share to buy Patriot, more than double its Oct. 31 closing price of $7.68.

The stock had not traded above $16 since 2019.

The Patriot trucking business, along with a commercial real estate development subsidiary, was spun off from Florida Rock in 1986 under the name Florida Rock & Tank Lines Inc.

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.



Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.