Covenant Buys Harold Ives
November 16, 1999
Covenant Transport, Chattanooga, TN, has purchased Harold Ives Trucking and Harold Ives Transportation, both based near Little Rock, AR.
The two Harold Ives companies generate $65 million in combined trucking and brokerage operations. The trucking company operates about 435 trucks, mostly company-owned, and 850 dry van trailers. This transaction makes for six companies that Covenant has acquired in the past two years.
"Harold Ives built the trucking and brokerage operations over the last 30 years with a strong commitment to his customers, drivers and carriers," said Covenant chairman, president and CEO David Parker. "We expect to continue the fine reputation that he and his employees enjoy."
Covenant expects the new business to contribute to its earnings within two quarters. All its previous acquisitions have contributed to earnings immediately, Parker said. The Ives operations had been modestly profitable in 1999.