Trucking company Covenant Transport, which is headquartered in Chattanooga, has acquired Landair Holdings Inc., which encompasses a for-hire truckload carrier division, as well as a logistics arm.
Greeneville, Tennessee’s Landair Holdings Inc. is the holding company for Landair Transport Inc. and Landair Logistics Inc.
Landair is a leading dedicated and for-hire truckload carrier, as well as a supplier of third-party logistics transportation, warehousing and logistics inventory management services, according to a news release.
Under the terms of the agreement, Covenant purchased 100 percent of Landair’s outstanding stock in exchange for approximately $83.0 million in cash.
At closing, Landair also had about $15.5 million of debt which Covenant has refinanced.
The acquisition was funded by cash on hand of approximately $45.5 million accumulated from positive operating cash flows since the end of February 2018 and approximately $53 million of previously unencumbered used revenue equipment financing, also according to a news release.