TMC Transportation, based in Des Moines, Iowa, said it will distribute an unspecified amount of stock in the company to its 2,500 employees as part of a transition to employee ownership.
Founder and CEO Harrold Annett, who will continue to own a majority of the shares, said he has been approached “many times” about selling the company, but didn’t want to disturb the company’s business culture.
“The only way to make sure our culture endures is to put TMC into the hands of the people who take the most pride in our culture. And that is the employees,” Annett said.
TMC is the seventh largest flatbed/heavy specialized carrier, with estimated revenue of $397 million in 2012, according to the Transport Topics Top 100 listing of the largest U.S. and Canadian for-hire fleets.