USA Truck of Van Buren announced Thursday it has acquired privately held Davis Transfer Company and related entities of Carnesville, Ga. Founded by Harry Davis in 1959, the company has about $50 million in revenues and has been managed as a full-truckload carrier for the past 20 years by Gary, Bill and Todd Davis. Todd Davis will join the USA Truck leadership team as a vice president.
The company will operate independently of USA Truck as a wholly owned subsidiary.
Davis employees and customers should notice little change moving forward, a news release states. Davis was named Florida’s Safest Carrier in both 2016 and 2017. 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, president and CEO of USA Truck, says 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 transaction will be primarily funded with the company’s revolving credit facility and cash on hand with a minimal equity issuance provided to Todd Davis to ensure strong alignment with interests of USA Truck shareholders, The release adds.
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