North American transport and logistics business, Knight-Swift Transportation Holdings, has acquired a less-than-truckload carrier.
The transaction included the purchase of Alabama-based business, AAA Cooper Transportation, for $1.35 billion USD (approx. €1.1 billion).
“We have long had interest in the LTL space and admired the success of AAA Cooper,” said Knight-Swift CEO, Dave Jackson.
“We feel honoured to be stewards of the AAA Cooper brand and, similar to previous acquisitions, AAA Cooper will continue to operate independently, while benefitting from the many synergies we expect through Knight-Swift.
“Reid Dove has been appointed to the Knight-Swift board of directors and will continue to be the CEO of AAA Cooper.
“In seeking our first LTL partner, we had three main requirements – the scale for entry with significant market share, the profitability and management depth to operate independently and provide a platform for compelling growth opportunities, and a world class culture.
We were excited to have identified AAA Cooper as a partner that meets all three requirements, and I couldn’t be happier to finally find the right time for both of us to create a partnership. This transaction firmly positions us as a meaningful player in the LTL space, where we intend to grow both organically and through future acquisitions.”
Reid Dove, CEO of AAA Cooper, said: “Joining the Knight-Swift team is an exciting combination for the AAA Cooper team members and customers. It will allow us to pursue new opportunities and accelerate our growth. We will continue to operate as an independent company, headquartered in Dothan, Alabama, and will do so with the support and partnership of the strongest provider in the full truckload space. This is the fusion of two excellent companies in their respective sectors of the transportation industry, which makes this a win for our people, our customers, and for the newly expanded Knight-Swift team.”