In the three years that Integrated Freight Corp. of Sarasota, FL, has been in operation, two of the four established trucking companies it has acquired during that time have since been shut down.
In the past year, two trucking companies that IFC has purchased – Triple C Transport of Doniphan, NE, and Cross Creek Trucking of Medford, OR – are no longer operating.
Triple C has been permanently shut down, while there is still no word yet on whether or not Cross Creek will reopen. The company’s operating authority was revoked by the Federal Motor Carrier Safety Administration on Dec. 19, 2011, after it failed to carry a $750,000 insurance policy.
On Dec. 7, 2011, IFC announced it had secured a $3.4 million equipment financing deal, but at that point Cross Creek was already in the process of laying off more than 200 drivers. The remaining few drivers were stranded without fuel or insurance prior to FMCSA’s “involuntary revocation” in mid-December.
Paul A. Henley founded IFC in 2008 with the “purpose of acquiring and consolidating operating motor freight companies through a nationwide roll-up strategy.”
According to IFC’s latest U.S Securities and Exchange Commission filing, IFC plans to “invest more heavily as demand for truckload services improves, including additional acquisitions.”
The company also launched its own brokerage operations for Integrated Freight Services in April 2011, according to the SEC report.
As of press time on Tuesday, Henley was unavailable for comment about the status of Cross Creek.
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