Iowa-based Heartland Express Inc. has announced the buyout of Interstate Distributor Co. (IDC) in a deal worth approximately $113 million.

The deal was announced on Friday afternoon, and will be funded with $94 in Heartland’s cash, who will also assume $23 million of IDC’d debt and $4 million of IDC’s cash.

Heartland says they will pay off all of IDC’s debt once the deal is finalized.

“We are excited to add IDC’s high quality drivers, experienced personnel, and strong customer base to Heartland’s operations,” said Heartland’s CEO, Michael Gerdin.

“Our first criterion is always safe and highly qualified professional truck drivers. IDC has an experienced driver base with improving safety results over the past several years, and we are impressed by their culture. Additionally, IDC is an excellent operational fit, as its terminal network has nearly direct overlap with our current locations. Heartland will gain significant additional traffic density in the West, and our stronger eastern network will improve service for IDC’s customers in the East.”

Washington-based IDC generated $325 million in revenue in 2016, but had a net operating loss. The company operated a fleet of 1,350 tractors and 4,700 trailers.

Heartland says the acquisition will net them several large new customers. According to JOC.com, only three of IDC’s top 10 shipping customers were also Heartland customers.

Consolidation in the trucking industry has been on the rise in recent years, with one analyst saying that it’s the ‘only’ way for large carriers to grow.

“The way carriers grow isn’t by getting more equipment and adding more drivers — because there aren’t any — but buying other companies,” said John Larkin, a transportation industry analyst at financial firm Stifel.

Heartland’s last large buyout was a $300 million deal to acquire Gordon Trucking in 2013.

“Since expanding our footprint and density with the acquisition of Gordon Trucking, Inc. in late 2013, we have invested significantly in a new tractor and trailer fleet, returned our operating ratio to the low- to mid-80s, repaid all of the acquisition debt, and accumulated approximately $170 million in cash,” Gerdin added.

The newly announced acquisition of Interstate Distributor Co. is expected to push Heartland’s total revenue above $900 million.