Covenant Logistics Group Inc. of Chattanooga, Tennessee, bought Lew Thompson & Son Trucking Inc. of Huntsville for $100 million in a deal that closed April 26.
Lew Thompson founded his trucking company in 1983 to haul poultry. His son, Josh, took over as president of the company in 1998.
A company official said Josh Thompson was on vacation Monday and unavailable for comment.
Lew Thompson & Son Trucking has more than 230 trucks and 400 trailers, according to its website.
The deal includes up to $30 million in additional earnouts depending on the company’s results during the next three years. Publicly traded Covenant (Nasdaq: CVLG) said Lew Thompson & Son Trucking had $64 million in revenue in 2022.
Covenant reported the acquisition during its earnings presentation April 27. The company posted revenue of $266.8 million and income of $16.6 million for the first quarter of fiscal 2023.
“We are also pleased to report the completion of the acquisition of Lew Thompson & Son, a dedicated contract carrier specializing in poultry feed and live haul transportation in northwest Arkansas and surrounding areas,” Covenant CEO David Parker said. “We believe the acquisition is another strong step toward building a more diversified and resilient operating model.”