Transport Investments Acquires Jones Motor Group
Transport Investments Inc. has acquired Pennsylvania-based Jones Motor Group, which traces its freight roots to 1894.
Transport Investments, which made the acquisition through a subsidiary, didn’t say how much was paid for Jones, which offers less-than-truckload and a variety of truckload services. Jones, based in Limerick, Pennsylvania, began operations with a single horse and wagon and now bills itself as the oldest common carrier in the United States.
“In addition to greater scale and capabilities, Jones will further expand our services across end-markets and freight types,” said Douglas McAdams, CEO and co-founder of TII, based in Pittsburgh. “Jones has developed a strong reputation in the industry and is an excellent fit with the TII family of companies.”
Including the latest acquisition, TII’s annual revenue will top $350 million, generated by 350 agents and 1,400 owner-operators. The buyer offers trucking and related services, such as leasing through 10 companies, including Greentree Transportation and American Transport Inc.
Transport Investments is controlled by Revelstoke Capital Partners, a Denver-based private equity firm.
The statement said that former Senior Vice President Ken Lacey at Jones has been named president of TII’s Jones division. James Koegel, former president of Jones, will become chairman of the Jones division.
