Covenant Buys Assets From Con-Way Truckload Services

Chattanooga, Tenn.-based Covenant Transport Inc. said Tuesday it has purchased assets of Con-Way Truckload Services Inc., including its customer list, driver files, approximately 125 tractors and 200 trailers.

"Approximately 80% of CWT's revenue is concentrated in 10 accounts, only one of which is a current Covenant customer," said David R. Parker, Covenant’s president. "As part of the transaction, Covenant received long-term commitments for about $45 million in annual dedicated truckload shipments. We are very pleased to further solidify the relationship between Con-Way and Covenant."

urther financial terms of the deal were not disclosed.

Fort Worth, Texas-based Con-Way Truckload brought in $80 million in over-the-road truckload revenue last year and is owned by Con-Way Transportation Services out of Ann Arbor, Mich. All are part of the $5.6 billion California-based CNF Transportation. Covenant’s annualized revenue is more than $550 million.