Covenant Completes Deal For Harold Ives Trucking
Covenant Transport, Chattanooga, Tenn., completed its second acquisition in the past month and a half with the purchase of Harold Ives Trucking and its freight brokerage affiliate, Harold Ives Transportation, for approximately $45 million.
Parker said he expects Ives’ trucking operations, which were less profitable than Covenant’s, to contribute to earnings within two quarters. All previous acquisitions have been immediately accretive to earnings, he noted.
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Covenant bought ATW Inc. of Greensboro, N.C., in early October and folded its operations into those of Covenant Transport, which specializes in hauling time-sensitive freight on long hauls using team drivers (10-11, p. 6).
“The ATW acquisition has gone so well that we felt ready to respond when this opportunity presented itself,” said David R. Parker, chairman of Covenant, which has acquired six companies in the past two years.
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