Greenfield-based Online Transport Inc. has purchased the assets of Frontier Transport Corp., a trucking subsidiary of Toronto-based Vitran Corp. Inc.
Terms of the deal, which the two firms announced on Tuesday, call for Online Transport to acquire 794 semitrailers from publicly-traded Vitran for about $5 million.
The Frontier subsidiary of Vitran is based in Indianapolis. Frontier President Steve Cook will continue to lead the unit under Online Transport’s ownership.
“I am appreciative of my long-standing relationship with Vitran and am excited to be bringing Frontier into a pure truckload environment,” Cook said in a prepared statement.
Vitran said in the release that it will retain 174 of Frontier's newest semitrailers to use in its less-than-truckload operation. LTL, as it’s known in the industry, is the transport of small freight.
Founded in 1999, Online Transport and its affiliates offer trucking services to and from anywhere in the continental United States and Canada, and into Mexico.
In 2006, the company was recognized as one of the area’s fastest-growing companies by IBJ. From 2003 to 2005, Online Transport’s revenue grew 346 percent, to $28.4 million, and the number of employees quadrupled to 249.