Covenant Purchases Star Transportation for $40 Million
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Star, which specializes in short-to-medium dry van truckload operations, generated $89.6 million in revenue in its 2006 fiscal year, which ended June 30, Covenant said.
ovenant Transport has acquired Nashville, Tenn. truckload carrier Star Transportation, the company said late Thursday.
The $40 million deal also includes about $42 million of Star’s debt, Covenant said in a statement.
Beth Franklin, chief executive officer of Star, will act as a consultant to Covenant for one year. Jim Brower, president of Star, will remain in place to run the company.
Covenant Transport is ranked No. 37 on the Transport Topics 100 list of the largest for-hire carriers in the United States and Canada.
