Davison Trucking of Ruston sells in $560 million deal

sportsou

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Genesis Energy of Houston, a publicly traded company on the American Stock Exchange, has reached an agreement to buy Davison Transport companies of Ruston for $560 million.


The Davison family, headed by patriarch James Davison, will receive $280 million in cash and about 13.5 million shares of stock, giving the family a 50 percent ownership in the company.

Genesis will maintain Davison's Ruston operations and retain the company's 300 employees, both companies said.

The transaction, with an effective date of April 1, is expected to close early in the third quarter.

In a prepared statement, Davison said, "My family and I, as well as our approximately 300 employees, are excited about becoming an integral part of Genesis. I don't think we could have found a better strategic or cultural fit for our assets and businesses, or for our employees.
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