Quality Distribution

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Quality Distribution
Private
Industry Trucking
Founded Tampa, FL (1998)
Key people
  • Gary Enzor (Chairman and CEO)
  • Joe Troy (Executive Vice President and CFO)
  • Randy Strutz (President QCI & QCER)
  • Tony Morsovillo (President Boasso)
Website www.qualitydistribution.com

Quality Distribution, Inc. (Quality) is a Tampa, Florida-based trucking and chemical transportation business. On August 18, 2015, Quality completed its previously announced merger agreement with funds advised by Apax Partners LLP on May 6, 2015.[1]

Business structure[edit]

Quality operates three segments - Chemical Logistics, Intermodal, and Energy Logistics - through a number of wholly owned subsidiary companies.[2] Chemical Logistics is operated by Quality Carriers, Inc. (“QCI”) and includes liquid and dry bulk chemicals, and bulk dry and liquid food-grade products.[2][3] Intermodal is operated by Boasso America Corporation (“Boasso”) which includes ISO tank container transportation, depot services, tank cleaning, heating, testing, maintenance, and storage services.[2][3] 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 to unconventional oil and gas (“UCO&G”) markets.[2][3]

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.[4] It 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.[5] Earlier in 2013, Apollo Global Management planned to divest its 17% stake in the company with a public offering.[6]

As of December 31, 2014, Quality operated through a network of 95 terminals servicing the chemical and other bulk liquid markets, 9 ISO tank depot services terminals (intermodal) also servicing the chemical and other bulk liquid markets and 19 terminals servicing the energy market.[3] Quality utilized approximately 3,500 drivers and managed a fleet of approximately 3,200 tractors, 5,700 trailers and 1,200 pieces of other energy logistics equipment.[3] Quality’s asset-light business model operates via business networks.[3]

As of August 28, 2015, Quality no longer trades on the NASDAQ under the symbol QLTY.[2]

References[edit]

  1. ^ Quality Distribution, Inc. Form 8-K filed on 8/18/2015
  2. ^ a b c d e "Quality Distribution, Inc". Business Week. Retrieved May 5, 2015. 
  3. ^ a b c d e f Quality Distribution 10-K, December, 2014. SEC Edgar Archives.
  4. ^ Quality Distribution Yahoo Finance profile
  5. ^ Steve Garmhousen (December 7, 2013). "Thinking Small". Barron's. Retrieved December 28, 2013. 
  6. ^ Apollo plans Quality Distribution exit Margie Manning August 7, 2013 Tampa Bay Business Journal

External links[edit]