Less-than-truckload carrier Estes said Monday it will start opening terminals it has acquired from defunct Yellow Corp. as part of a "national expansion."
The carrier acquired 24 service centers for $249 million at Yellow's (OTC: YELLQ) first auction, which concluded in early December. It picked up five leased properties for $35 million at a second auction a couple of weeks later.
A more than $1.5 billion stalking horse bid from the company in September set the minimum valuation for Yellow's real estate portfolio ahead of the auctions. That bid eclipsed an offer from rival carrier Old Dominion Freight Line (NASDAQ: ODFL).
Estes opened a 58-door terminal in Florence, South Carolina, last week. It said it will soon open locations in Reno, Nevada (54 doors), and Cinnaminson, New Jersey (92 doors). The latter two properties ...