U.S. Xpress Buys Stake in Mississippi Truckload Carrier

Click here to write a Letter to the Editor.

ruckload carrier U.S. Xpress Enterprises Inc. said it had acquired 41% interest in trucking company Total Transportation of Mississippi and companies affiliated with TTMS.

TTMS is a truckload carrier that runs medium-length hauls and dedicated dry van service primarily in the eastern United States. Its principal operating centers are in Jackson and Tupelo, Miss., and Memphis and Knoxville, Tenn.

TTMS had revenue of about $67 million excluding fuel surcharge last year, operating at a 92% operating ratio. The carrier operates 466 company tractors and 1,148 trailers.

The TTMS management team, led by Co-Chief Executive Officers Rick Kale and John Stomps, will remain in place and together will initially control 59% of TTMS.

U.S. Xpress said it will have a minority representation on the company’s board of directors and an option to purchase management's interest at a specified price through Oct. 1, 2008. At that time, the TTMS management team would have a similar option to buy out U.S. Xpress’s interest in TTMS.

TTMS will operate independently from U.S. Xpress, using its current facilities.

U.S. Xpress is ranked No. 21 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.