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Knight-Swift Transportation Holdings announced Dec. 6 that it acquired RAC MME Holdings and its subsidiaries from Red Arts Capital for $150 million in cash.
Red Arts Capital is a private equity investment firm focused on family-owned supply chain-related businesses. MME is the parent company of Midwest Motor Express and Midnite Express.
“We are excited to welcome MME to the Knight-Swift organization,” Knight-Swift CEO Dave Jackson said. “MME is our next step toward a nationwide LTL network. While preserving and supporting MME’s identity and culture, we expect to bring many synergies from Knight-Swift. MME and [AAA Cooper Transportation] have minimal regional overlap, and we expect they will be a benefit to one another.”
MME was founded in North Dakota in 1918 and provides less-than-truckload, full truckload, specialized and international logistics transportation services in the upper midwestern and northwestern regions of the United States. Red Arts Capital said its regional footprint complements Knight-Swift’s current southeastern and midwestern LTL presence.
“With MME, we found the ideal opportunity to invest in an excellent business with an extensive network,” Nicholas Antoine, co-founder and a managing partner at Red Arts Capital, said. “We are proud of our contributions to the company’s over 100 years of growth and service to the region, and believe that Knight-Swift provides MME the ideal home for its next phase of growth.”
Red Arts Capital partnered with Prudential Capital Partners, Brightwood Capital Advisors and several family offices in 2019 to acquire MME from the Roswick and Greenstein families, who founded the company.
Knight-Swift ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Transport Topics
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