Tampa's Quality Distribution to be acquired by Apax private equity fund for $800 million

Quality Distribution Inc., a publicly traded logistics and transportation company based in Tampa, will be acquired by the Apax Partners private equity firm.

The transaction comes to about $800 million, including the assumption of debt, or $16 per share in cash, and means Quality will now become a private business.

The transaction price represents a premium of approximately 63 percent over Quality Distribution's closing share price on May 6.

Quality Distribution said it believes that the deal provides shareholders with an attractive premium that "delivers immediate, compelling value for their shares."

Apax owns dozens of private companies that include the financial advisory service Bankrate.com, retailer rue21, the Karl Lagerfeld and Tommy Hilfiger brands and mobile game provider King — whose games include Candy Crush and Farm Heroes.

In a statement, Quality Distribution CEO Gary Enzor said Apax will bring financial resources and expertise that will help expand the Tampa company via investments and further acquisitions. "This, in turn, should provide more opportunities for our employees and independent affiliates and benefit our customers through greater scale and cost-effective capabilities," he said.

Quality, based at 4041 Park Oaks Blvd., operates the largest chemical bulk logistics network in North America through its Quality Carriers subsidiary.

It is also the largest North American provider of intermodal tank container and depot services through its wholly-owned subsidiary, Boasso America Corp. The company has about 1,100 full-time employees and more than 1,000 independent truck drivers and owner-operators.

Quality this week reported first quarter net income of $2.5 million, down $3.1 million a year ago.