fbpx

Deliver the Dough

//July 10, 2006//

Deliver the Dough

//July 10, 2006//

Listen to this article

Biz BriefsTwo local business-delivery outfits were bought by out-of-state companies last week.

Delanco-based Jevic Transportation was snagged for some $40 million in cash by Sun Capital Partners, a private investment firm based in Boca Raton, Fla. Jevic was a subsidiary of publicly held SCS Transportation in Kansas City, Mo., prior to the buyout.

Jevic has about 2,300 employees and is not planning any layoffs as a result of the deal, according to spokesman Pete Robinson.

In the other Garden State trucking merger, CD&L in South Hackensack was scooped up by Westport, Conn.-based Velocity Express for some $66 million in cash.

Holders of CD&L stock must approve the deal. The company reported net income of $189,000 on revenues of $60.4 million in the first three months of 2006, compared with net income of $428,000 on revenues of $52.3 million during the prior-year period. CD&L has more than 1,500 employees and uses about 2,900 independent drivers.