Angola-based Tradition Transport Group Inc. and its corporate subsidiaries are being acquired by Florida-based Aqua Power Systems Inc. While financial terms of the deal were not disclosed, Tradition CEO Tim Evans says the acquisition positions the company for next-level growth.
Tradition provides freight transportation, brokerage, truck leasing and financing, warehousing and fulfillment services. The company, which employs about 215 employees, also manufactures and sells bolts and fasteners, custom plates, cages, and embeds.
“Months of planning, discussing, and strategizing have come to fruition and I’m more excited for Tradition’s future than ever before,” said Evans. “We believe that this acquisition positions Tradition for next-level growth. Tradition is a profitable company with an established customer base. Tradition surpassed our 2021 audited numbers by a significant margin. Suffice it to say we are growing and now through this acquisition we have a rock-solid foundation that will carry us far into the future.”
In fiscal 2021, Aqua says Tradition recorded about $87 million in revenue.
“It would be impossible to adequately summarize all the details and potential of this acquisition in one release, but I hope that shareholders can see the immense value that Tradition brings to Aqua Power,” said Stephen Carnes, CEO of Aqua Power. “Updates on each of Tradition’s subsidiaries will be forthcoming as well as new business. There’s literally so much that it’s a struggle to know where to begin.”
In addition, Aqua Power says the acquisition brings “new life” to the company. Aqua Power released a newly-developed mission statement that it says more accurately defines the business:
“Our mission is to build a company that provides efficient and reliable logistics and transportation solutions that exceed the expectations of our clients and partners. We strive to be the industry leader by continuously improving our services, investing in the latest technologies, and valuing the safety and well-being of our employees and customers. Our goal is to build long-term relationships with our clients and partners through exceptional service, innovation, and a commitment to excellence.”