Boasso Global

Last updated
Boasso Global
Company typePrivate
Industry Trucking
Founded Tampa, FL (1998)
Area served
United States
Key people
  • Joe Troy (Chairman and CEO)
  • Tony Morsovillo (President)
Number of employees
3,500
Website www.boassoglobal.com

Boasso Global, formerly known as Quality Distribution, Inc. (Quality), is a Tampa, Florida-based ISO tank services provider. On August 18, 2015, Quality completed its previously announced merger agreement with funds advised by Apax Partners LLP on May 6, 2015. [1] In 2021, Quality sold its Quality Carriers bulk liquid chemical truck transportation business to CSX Corporation [2] and rebranded to Boasso Global. [3] In October 2022, Apax Partners sold Boasso Global to KKR. [4] [5]

Contents

History

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

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 Management planned 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

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 to unconventional oil and gas (“UCO&G”) markets. [9]

Acquisitions

As of 2022, Quality distribution had acquired the following subsidiaries: [10]

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References

  1. ↑ Quality Distribution, Inc. Form 8-K filed on 8/18/2015
  2. ↑ "Quality Distribution Agrees to Sell its Quality Carriers Business to CSX Corporation". www.businesswire.com. 2021-05-12. Retrieved 2023-12-31.
  3. ↑ "Quality Distribution becomes standalone entity Boasso Global". Bulk Transporter. 2021-07-14. Retrieved 2023-12-31.
  4. ↑ "PE firm Apax to sell Boasso Global to KKR". Bulk Transporter. 2022-10-28. Retrieved 2023-12-31.
  5. ↑ Dorbian, Iris (2022-10-06). "KKR to acquire ISO tank services provider Boasso Global from Apax". PE Hub. Retrieved 2023-12-31.
  6. ↑ Quality Distribution Yahoo Finance profile
  7. ↑ Steve Garmhousen (December 7, 2013). "Thinking Small". Barron's. Retrieved December 28, 2013.
  8. ↑ Manning, Margie (2013-08-07). "Apollo plans Quality Distribution exit". www.bizjournals.com. Retrieved 2023-01-26.
  9. 1 2 3 4 5 "Quality Distribution, Inc". Business Week . Retrieved May 5, 2015.
  10. ↑ "List of Subsidiaries of Quality Distribution, INC". www.sec.gov. Retrieved 2023-01-31.
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