USA Truck Inc. of Van Buren on Thursday said it acquired Davis Transfer Co. of Carnesville, Georgia.
Financial terms of the deal were not disclosed. Davis is a southeast regional carrier with about $50 million in revenue. The family-owned business was founded by Harry Davis in 1959.
For the past 20 years, Davis has been managed by Gary, Bill and Todd Davis. Todd will join USA Truck as a vice president, with Davis Transfer Co. operating independently of USA Truck as a wholly owned subsidiary.
Publicly traded USA Truck (Nasdaq: USAK) said Davis' employees and customers "should notice little change moving forward."
"Davis represents a unique opportunity to add capacity, loyal customers, and exceptional drivers – all of whom are committed to the continued strong performance of the business," James Reed, USA Truck's president and CEO, said in a news release. "The Davis family has been a great steward of the organization, with a strong track record of success and profitability, and this partnership reflects the next natural step in the progression and growth of Davis."
The company said the deal will give it greater presence in the southeast and provide increased alignment with driver domiciles and enhanced maintenance facility presence.
USA Truck said the purchase will be funded through its revolving credit facility and cash on hand.