Richmond, Va.-based trucking company Estes Express Lines announced Wednesday it closed Friday on its purchase of Eastern Freight Ways and Carrier Industries, two affiliates of New England Motor Freight, which ceased operations after filing for Chapter 11 bankruptcy in February.
Estes submitted in April a $15 million bid for the two affiliates. The purchase was approved on May 16 by Judge John Sherwood of the United States Bankruptcy Court for the District of New Jersey, The Wall Street Journal reported.
Eastern Freight Ways, based in South Brunswick, N.J., provides flatbed and truckload carrier services in the Northeast and Mid-Atlantic regions with a fleet of 150 tractors, according to its website. Carrier Industries is a third-party logistics company that provides warehouse and distribution services.
Estes, which operates a fleet of more than 6,700 tractors and 30,000 trailers with a network of over 200 terminals with coverage in all 50 states, the Caribbean, Canada and Mexico, said the acquisition will allow the company to expand its flatbed and dedicated transportation capabilities.
The transaction is a separate part of New England Motor Freight’s liquidation, said Estes, which will take place in nearly a dozen auctions across six weeks that are set to run until July 10, according to The Wall Street Journal. It reported New England Motor Freight will sell off more than 1,000 semi-tractors, about 4,000 trailers and nearly 1,000 pieces of miscellaneous equipment.
New England Motor Freight, based in Elizabeth, N.J., operated primarily in the Northeast and Mid-Atlantic with a network of about 35 terminals, 1,300 trucks and 1,500 drivers.