Central Freight Lines has announced the completion of its going-private transaction. The transaction, which was approved by Central's stockholders, was accomplished through the merger of Green Acquisition Co. into Central.

As a result of the merger, Jerry Moyes and related parties became the owners of Central, and Central's former public stockholders became entitled to receive cash equal to $2.25 per share of Central common stock.
In announcing the completion of the transaction, Bob Fasso, Central's president and CEO, said, "Completing this merger represents a significant step forward for Central. It will allow Central to leverage Jerry Moyes and Moyes Enterprises to an extent that was not possible while we remained a public company. We look forward to working with Mr. Moyes as we focus on growing our business."
Moyes has a long history of experience in the trucking industry. He founded Swift Transportation Co. Inc. in 1966 and became chairman and CEO of Swift in 1984. He served in that capacity for more than 20 years, building Swift into a company that achieved more than $3 billion in revenue in 2005. Swift currently owns the largest fleet of truckload carrier equipment in the United States. Moyes also owns Central Refrigerated Service Inc., a refrigerated carrier with more than $300 million in annual revenue.