Clarke Inc. has agreed to sell its freight transportation business to TransForce for $88 million.
Included are its truckload, LTL and freight logistics business. The deal is expected to wrap up before the end of 2013, Clarke announced today.
"This is a bittersweet moment for Clarke as we have enjoyed working with Dean Cull and his entire team in the freight transportation business over the last decade," said George Armoyan, CEO of Clarke. "We wish them all the best as they join the TransForce organization."
Armoyan added: "The sale of Clarke's freight transportation business provides the company with good value and helps unlock the significant shareholder value that exists at Clarke which has not been recognized by the capital markets. Following the transaction, Clarke will continue to own its Commercial Tanks and Home Heating segment, its Investment segment and the ferry and container shipping units within its current Freight segment."
