U.S. Xpress to Take Majority Ownership in Arnold, Total
ruckload carrier U.S. Xpress Enterprises said Monday it has reached agreements in principle to increase its ownership interest in Arnold Transportation Services and Total Transportation of Mississippi to 80%, from 49%, for $7.8 million in cash.
U.S. Xpress said it expects the transactions to close in the current quarter.
ast year Arnold and Total contributed $2.8 million in earnings for U.S. Xpress, with combined revenue of $317 million, net income of $5.7 million and an operating ratio of about 94.7%.
“Since acquiring minority interests in Arnold and Total, we have been very impressed with the ability of each management team and their respective employees to execute their business strategy and improve revenue and operating margins,” Max Fuller, Co-Chairman of U.S. Xpress, said in a statement.
U.S. Xpress is ranked No. 22 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
Arnold, No. 94 on the TT 100, is a privately held dry van truckload carrier headquartered in Jacksonville, Fla., and offers regional, dedicated and medium-length haul service with a fleet of about 1,500 trucks in the Northeast, Southeast, and Southwest.
Total is a truckload carrier that provides medium-length and dedicated dry van service with a fleet of about 500 trucks primarily in the East.
