RUAN AND KINGS COUNTY TRUCK LINES, INC. ENTER INTO LETTER OF INTENT
DES MOINES, Iowa — John Ruan III, Chairman and Mike Kandris, President of RUAN Transportation Management Systems, Inc., and Manual Mancebo, Jr., President and CEO of Kings County Truck Lines, Inc., jointly announced today that their companies have entered into a non-binding Letter of Intent. It calls for RUAN to purchase 100 percent of the outstanding stock of Kings County and other related entities.
“We are excited about the opportunities that this acquisition presents and we look forward to expanding our presence in the Western United States,” said Ruan.
“Both of our companies share the same passion for excellent customer service,” said Kandris. “With more than 70 years experience in transportation and logistics, we believe we can add value to the long history of outstanding performance that Kings County has provided to its customers.”
Kings County Truck Lines, Inc., headquartered in Tulare, California, is one of the nation’s largest regional food grade carriers. The transaction includes Kings County Truck Lines, Inc. and its affiliates Cal Western Transport, Inc., Fluid Transport, Inc., California Milk Transport, Inc., and MSM Trucking, LLC.
Kings County was founded in 1940 by Manual Mancebo, Sr. and primarily hauls milk products in bulk tank, mainly in liquid form, from the producers to processing plants and later processed products to distribution centers and store locations. Kings County operates 12 terminals in California, Oregon, Arizona and Idaho and employs approximately 600 people.
The closing of the transaction is subject to the completion of RUAN’s due diligence procedures and the completion of all of the definitive agreements required to document the transaction. It is anticipated that the closing of the transaction will take place prior to the end of the year.
RUAN Transportation Management Systems, Inc. is one of the largest privately owned transportation service companies in the United States. RUAN is a full-service transportation management company providing value-added services including dedicated carriage, logistic solutions and RUAN-certified brokerage services. For more information about RUAN, visit www.ruan.com.
