Hub Group acquires assets of Comtrak

Hub Group acquires assets of Comtrak    Hub Group Inc., a provider of freight transportation management services, has entered into an agreement to acquire the assets of Comtrak Inc., a provider of rail and international drayage, regional full truckload and related logistics services.
   Hub will pay $38 million in cash when the deal closes during the first quarter of 2006. The purchase price will be subject to adjustment, based on Comtrak’s working capital at closing. In addition, the agreement provides for an earn-out in 2006 and 2007 consisting of two cash payments, each not to exceed $5 million.
   “We have worked with Comtrak for 20 years. The acquisition is consistent with our strategic plan that calls for Hub to increase the amount of local trucking, or drayage, that we perform,” said David P. Yeager, Hub’s chief operating officer.
   Established in 1983, Comtrak has 381 employees and 15 terminals located primarily in the U.S. Southeast. The Memphis-based company uses its own drivers and third-party owner operators. Comtrak’s revenues are expected to be about $85 million in 2005.
   Hub Group is based in Downers Grove, Ill.