VAN BUREN, Ark. — USA Truck has been acquired by German logistics powerhouse DB Schenker.
According to a news release issued on Friday, DB Schenker will acquire all outstanding shares of USA Truck common stock for $31.72 per share in cash.
The transaction values USA Truck at approximately $435 million, including assumed cash and debt.
“The combination advances DB Schenker and USA Truck’s shared vision to become the premier North American transportation solutions provider,” the news release stated. “Upon completion of the transaction, DB Schenker aims to strengthen and expand USA Truck’s presence in North America, while utilizing its complementary international logistics expertise, air transport services and ocean gateways to benefit USA Truck’s existing customer base. Building upon USA Truck’s existing U.S. and Mexico freight network, DB Schenker also intends to expand its global logistics services across land, air, and ocean transportation services, as well as comprehensive solutions for logistics and global supply chain management.”
Founded in 1983, USA Truck has an approximately 1,900-unit fleet of trucks, 2,100 employees, partnerships with more than 36,000 active contract carriers, as well as strategic network of terminals across the Eastern half of the United States.
“USA Truck is the perfect match for DB Schenker’s strategic ambition to expand our network in North America and foster our position as a leading global logistics provider,” said Jochen Thewes, CEO of DB Schenker. “In our 150th anniversary year, we are pleased to welcome one of the leading trucking and logistics providers to DB Schenker. Together we will enhance our shared value proposition and invest in exciting growth opportunities and sustainable logistics solutions for new and existing clients.”
James Reed, president and chief executive officer of USA Truck said, “We are thrilled to have found a partner that appreciates USA Truck’s rich history, is closely aligned with our mission and values, and brings additional resources that we believe enable us to build on our nearly 40-year legacy of industry leadership. This transaction provides immediate and significant value for USA Truck stockholders, offers broadened career opportunities for our employees and increased capacity and service offerings with which to support our customers, and better positions our company to realize our long-term vision to become the premier North American transportation solutions provider.”
Alexander Greene, chairman of the board of USA Truck, praised Reed and echoed his sentiments.
“This transaction recognizes the culture of excellence James, his team and all of our dedicated employees have created and commit to every day at USA Truck,” Greene said. “It rewards our stockholders for their unwavering support during our turnaround and through the pandemic and offers further opportunity for our customers to draw upon USA Truck’s strengths utilizing the resources and reach of one of the world’s leading logistics services organizations.”
Joe Jaska, DB Schenker’s executive vice president for land transport in the Americas, commented, “USA Truck’s success has been driven by their impressive employees – all of whom are critical to future growth – and we look forward to welcoming them as an integral part of our team. As part of a larger organization with DB Schenker, USA Truck employees will have access to career opportunities at both the local and global level. We view this transaction as a platform for growth and by combining these organizations, we will greatly enhance our presence in the North American land transport space.”
With more than 76,000 employees at more than 1,850 locations in more than 130 countries, DB Schenker is one of the world’s leading logistics providers.
The company operates land, air and ocean transportation services. In the Americas, DB Schenker is one of the largest integrated logistics service providers with more than 10,000 employees in 123 locations providing over 27 million square feet of distribution operations to its clients.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
Sound like a good thing for the 2 of them to get togeather.