Transportation & Logistics Systems, Inc. (TLSS): M&A transaction — TLSS completes acquisition of Severance (LTL trucking) for $2.25M

Transportation & Logistics Systems, Inc.

Total purchase price of $2,250,000 plus $10,747 closing expenses; paid $365,613 cash, assumed $152,748 vehicle debt, and issued $1,572,939 secured note at 12% interest.
Note payable in three equal installments on Aug 1, 2023; Feb 1, 2024; and Aug 1, 2024, secured by Severance assets and TLSS corporate guarantee.
Severance had 2022 annual revenues over $13.0M, operates 120+ power units and trailers, with warehouse/office/repair facilities in Massachusetts and Connecticut.
Acquisition via newly-formed subsidiary TLSS-STI, Inc.; sellers Kathryn Boyd, Clyde Severance, Robert Severance are unaffiliated with TLSS.
One seller entered a consulting/non-compete agreement for 3 months to 1 year post-closing.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Transportation & Logistics Systems, Inc. completed an acquisition involving Kathryn Boyd, Clyde Severance, and Robert Severance for $2,250,000 (closed 2023-02-03).

Action: acquisition
Counterparty: Kathryn Boyd, Clyde Severance, and Robert Severance
Consideration: $2,250,000
Closing: 2023-02-03

Exact text from the filing

feet of repair facilities located in Dracut, Massachusetts and approximately 16,000 square feet of warehouse space in North Haven, Connecticut. The total purchase price was $2,250,000, plus closing expenses of $10,747. TLSS-STI: (i) paid $365,613 in cash at closing; (ii) assumed and paid off $152,748 in vehicle debt; and (iii) entered into a $1,572,939 secured

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Source: SEC EDGAR

accession 0001493152-23-003641

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