In the world of business, acquisitions and mergers are a common occurrence. However, when one of Arkansas’ largest private companies, Pat Salmon & Sons, was sold earlier this year, it left many people wondering who the new owner was.
The company, which is the largest ground transportation supplier to the U.S. Postal Service, was purchased by a company called 10 Roads LLC. But who are they? And what does this mean for Pat Salmon & Sons?
In this article, we’ll take a closer look at the acquisition and try to uncover some of the details surrounding it.
Who Bought Pat Salmon And Sons?
As mentioned earlier, Pat Salmon & Sons was purchased by 10 Roads LLC effective July 1 of this year. According to Jeff Boone, who remains as vice president of operations, 10 Roads has similar shareholders as Hoovestol Inc. and Eagle Express Lines, both of which are primarily U.S. Postal Service transportation contractors.
While the details surrounding 10 Roads LLC are still unclear, it’s worth noting that Salmon Cos. had combined revenue from the USPS of $335.3 million in the federal fiscal year that ended in September 2018. This makes them a significant player in the industry, and it’s likely that 10 Roads saw an opportunity to expand their own operations by acquiring Pat Salmon & Sons.
Background On Pat Salmon & Sons
Pat Salmon & Sons is a transportation company based in North Little Rock, Arkansas, that provides ground transportation and mail supply services to the United States Postal Service through its fleet of trucks and trailers. The company was founded in 1946 and has been in operation for over 70 years. Despite being a small company with only 50 employees, Pat Salmon & Sons has a significant presence in the industry, with combined revenue from the USPS of $335.3 million in the federal fiscal year that ended in September 2018.
The staff at Pat Salmon & Sons come from diverse demographic backgrounds, with 37.9% female and 30.3% ethnic minorities. The company has a great employee retention rate, with staff members usually staying for 4.1 years. The average employee at Pat Salmon & Sons makes $40,099 per year, which is significantly lower than some of its highest paying competitors.
It’s unclear why Pat Salmon & Sons was purchased by 10 Roads LLC, but it’s likely that the acquisition was driven by a desire to expand operations and increase market share. With similar shareholders as Hoovestol Inc. and Eagle Express Lines, both of which are primarily U.S. Postal Service transportation contractors, 10 Roads may have seen an opportunity to strengthen their position in the industry by acquiring Pat Salmon & Sons.
The Sale Of Pat Salmon & Sons
After 16 years of being a Field Sales Manager at Heubel Shaw, Pat Salmon tragically passed away in November 2022. Salmon had previously worked as a tire technician for Walmart and was survived by his wife, son, daughter, brother, and sister. Following his passing, the family chose cremation with a memorial service to be held at a later date.
However, prior to his passing, Pat Salmon & Sons had been purchased by 10 Roads LLC on July 1 of this year. Jeff Boone, who remains as vice president of operations, confirmed that 10 Roads has similar shareholders as Hoovestol Inc. and Eagle Express Lines, both of which are primarily U.S. Postal Service transportation contractors.
The acquisition of Pat Salmon & Sons is significant as the company had combined revenue from the USPS of $335.3 million in the federal fiscal year that ended in September 2018. It’s likely that 10 Roads saw an opportunity to expand their own operations by acquiring Pat Salmon & Sons, making them a significant player in the industry.
Who Is 10 Roads LLC?
10 Roads LLC is a company that acquired Pat Salmon & Sons effective July 1 of this year. While little information is available about 10 Roads, it’s known that the company has similar shareholders as Hoovestol Inc. and Eagle Express Lines, both of which are primarily U.S. Postal Service transportation contractors. It’s possible that 10 Roads saw an opportunity to expand their own operations by acquiring Pat Salmon & Sons, given that Salmon Cos. had combined revenue from the USPS of $335.3 million in the federal fiscal year that ended in September 2018. As a private company, it’s difficult to ascertain the exact motivations behind 10 Roads’ acquisition of Pat Salmon & Sons, but it’s clear that the move has significant implications for the U.S. Postal Service transportation industry.
What Does The Acquisition Mean For Pat Salmon & Sons?
The acquisition of Pat Salmon & Sons by 10 Roads LLC could potentially mean changes for the company. However, Jeff Boone, the vice president of operations, has stated that Salmon’s operations will not be merged with Hoovestol or Eagle Express, despite the fact that they have similar shareholders. This suggests that Pat Salmon & Sons will continue to operate independently under the new ownership.
It’s also worth noting that Pat Salmon & Sons is a privately held company, and its annual revenues are estimated to be over $500 million. Despite this, their revenue per employee ratio is relatively low at $480,000. This suggests that there may be room for improvement in terms of efficiency and profitability.
Future Plans For Pat Salmon & Sons Under New Ownership
It’s still too early to tell what the future holds for Pat Salmon & Sons under new ownership. However, Jeff Boone has stated that 10 Roads LLC has no plans to merge Salmon’s operations with Hoovestol or Eagle Express, despite the fact that they have similar shareholders.
It’s possible that 10 Roads LLC will continue to operate Pat Salmon & Sons as a separate entity, utilizing their expertise in U.S. Postal Service transportation contracting. Alternatively, they may seek to expand the company’s services and revenue streams by exploring new opportunities in the transportation industry.
Regardless of their plans, it’s clear that 10 Roads LLC saw potential in Pat Salmon & Sons and recognized the value of acquiring such a significant player in the industry. Only time will tell what the future holds for this Arkansas-based company under new ownership.