Transit Group of Atlanta announced plans to acquire three more trucking companies, bringing to 18 the number it has purchased since July 1997.
The latest transactions involve R&M Enterprises of Gretna, Neb.; MDR Cartage of Jonesboro, Ark.; and Pro Transportation of Little Rock, Ark.
R&M is a refrigerated carrier with a fleet of 111 tractors and 146 trailers. The company provides truckload service primarily in the Midwest and on the West Coast. Revenue was about $20 million in 1998, Transit Group said.
MDR is a dry van carrier with a fleet of 148 tractors and 657 trailers. The company operates from locations in Jonesboro; Columbus, Ohio; Memphis, Tenn.; Gadsden, Ala.; and Fayetteville, N.C. Revenue was $24 million in 1998.
Pro Transportation operates a dry van fleet of 208 tractors and 285 trailers, mainly in the eastern and southern regions of the United States. It reported revenue of $24 million in 1998.
Transit Group said it will use a combination of cash and 5.5 million shares of its common stock to purchase the three companies.
The transactions are expected to close during the third quarter and are subject to due diligence, the completion of definitive purchase agreements and other conditions.
For the full story, see the June 7 print edition of Transport Topics. Subscribe today.
