Boasso Global
| Company type | Private |
|---|---|
| Industry | Trucking |
| Founded | Tampa, FL(1998) |
Area served | United States |
Key people |
|
Number of employees | 3,500 |
| Website | www |
Boasso Global,formerly known asQuality Distribution, Inc.(Quality), is aTampa,Florida-basedISO tankservices provider. On August 18, 2015, Quality completed its previously announced merger agreement with funds advised byApax PartnersLLP on May 6, 2015.[1]In 2021, Quality sold its Quality Carriers bulk liquid chemical truck transportation business toCSX Corporation[2]and rebranded to Boasso Global.[3]In October 2022, Apax Partners sold Boasso Global toKKR.[4][5]
History
[edit]Formerly known as MTL, Inc. the company was founded in 1984 and had its name changed to Quality Distribution, Inc. in 1999. By 2012 the company was managing a fleet of approximately 2,800 independently owned and operated tractors and 5,300 trailers, as well as affiliate and company owned terminals; it had about 850 employees and a market capitalization of about $250 million.[6]
Expansion
[edit]The company expanded through acquisition into a number of areas in 2012, including transporting oil and wastewater for energy companies. These acquisitions initially underperformed expectations, but a December 2013 article in Barron's noted that QD's core business of chemical transportation remained a market-share leader.[7]Earlier in 2013,Apollo Global Managementplanned to divest its 17% stake in the company with a public offering.[8]
As of August 28, 2015, Quality no longer trades on the NASDAQ under the symbol QLTY.[9]
Business structure
[edit]Quality operates three segments - Chemical Logistics, Intermodal, and Energy Logistics - through a number of wholly owned subsidiary companies.[9]Chemical Logistics is operated by Quality Carriers, Inc. ( “QCI” ) and includes liquid and dry bulk chemicals, and bulk dry and liquid food-grade products.[9]Intermodal is operated by Boasso America Corporation ( “Boasso” ) which includes ISO tank container transportation, depot services, tank cleaning, heating, testing, maintenance, and storage services.[9]Energy Logistics is operated by QC Energy Resources, Inc. and QC Environmental Services, Inc. (collectively “QCER” ) provide logistics and transportation services of crude oil, fresh water and production fluids tounconventional oil and gas( “UCO&G” ) markets.[9]
Acquisitions
[edit]As of 2022, Quality distribution had acquired the following subsidiaries:[10]
- American Transinurance Group. Inc. (Delaware)
- ATG Reinsurance Ltd. (Turks & Caicos Island)
- Chemical Leaman Corporation (Pennsylvania)
- EnviroPower, Inc. (Delaware)
- Fleet Transport Company, Inc. (Delaware)
- Levy Transport Ltd. / Levy Transport, LTEE
- Mexico Investments, Inc. (Florida)
- MTL De Mexico S.A. de c.v. (Mexico)
- MTL Investments, Inc. (Canada)
- MTL of Nevada (Nevada)
- Power Purchasing, Inc. (Delaware)
- QD Capital Corporation (Delaware)
- QSI Services, Inc. (Delaware)
- Quala Systems, Inc. (Delaware)
- Quality Carriers, Inc. (Illinois)
- Quality Distribution, LLC (Delaware)
- Transplastics, Inc. (Delaware)
References
[edit]- ^Quality Distribution, Inc. Form 8-K filed on 8/18/2015
- ^"Quality Distribution Agrees to Sell its Quality Carriers Business to CSX Corporation".businesswire.2021-05-12.Retrieved2023-12-31.
- ^"Quality Distribution becomes standalone entity Boasso Global".Bulk Transporter.2021-07-14.Retrieved2023-12-31.
- ^"PE firm Apax to sell Boasso Global to KKR".Bulk Transporter.2022-10-28.Retrieved2023-12-31.
- ^Dorbian, Iris (2022-10-06)."KKR to acquire ISO tank services provider Boasso Global from Apax".PE Hub.Retrieved2023-12-31.
- ^Quality DistributionYahoo Finance profile
- ^Steve Garmhousen (December 7, 2013)."Thinking Small".Barron's.RetrievedDecember 28,2013.
- ^Manning, Margie (2013-08-07)."Apollo plans Quality Distribution exit".bizjournals.Retrieved2023-01-26.
- ^abcde"Quality Distribution, Inc".Business Week.RetrievedMay 5,2015.
- ^"List of Subsidiaries of Quality Distribution, INC".sec.gov.Retrieved2023-01-31.