Smith Transport Sold to Employees

Trucking firm Smith Transport said it has transferred ownership of the company to its employees through an employee stock ownership plan.

Financial details were not released.

“Employee ownership is the best direction for the future of Smith Transport,” company owner Barry Smith said in the Feb. 2 announcement. “Sharing the success of the company with the employees is a great way to reward all of our dedicated employees, and it will serve as a great tool for driver recruitment and retention.”

ButcherJoseph & Co., an investment bank based in St. Louis, served as Smith Transport’s financial adviser in the transaction, which closed Dec. 12.

Smith Transport, based in Roaring Spring, Pennsylvania, provides transportation and logistics services to shippers throughout the continental United States and Canada. The company offers expedited, dedicated, truckload, logistics, brokerage and warehousing services.