PHOENIX — Knight-Swift transportation announced Monday it has purchased Midwest Motor Express (MME) and Midnite Express Inc. in a $150 million cash transaction.
Founded more than 100 years ago, MME provides less-than-truckload (LTL), full truckload and specialized and transportation service to the upper midwestern and great northwestern regions of the United States.
According to a Knight-Swift news release, “the MME regional footprint complements our current southeastern and midwestern LTL presence alongside our AAA Cooper Transportation (\ACT) brand, which together cover over half of the United States. The MME acquisition reflects progress on our ongoing commitment to building a nationwide LTL footprint, leading to the further diversification of our revenue streams.”
The news release further stated that “on a longer-term basis, we have identified potential areas of revenue and cost synergies that are expected to lead to growth and margin expansion consistent with our return-on-investment targets while preserving MME’s brand, locations, people and culture.”
Knight-Swift CEO Dave Jackson said he is excited to welcome MME to the Knight-Swift organization.
“MME is our next step toward a nationwide LTL network,” he said. “While preserving and supporting MME’s identity and culture, we expect to bring many synergies from Knight-Swift. MME and ACT have minimal regional overlap, and we expect they will be a benefit to one another.”
Marlin Kling, president and CEO of MME, said: “We believe that combining our company with North America’s truckload industry leader, Knight-Swift, and being part of building the next nationwide LTL network is an exciting development for MME and its employees. We look forward to achieving synergies, sharing best practices, and creating value for all Knight-Swift stakeholders.”
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