Patrick E. Quinn and Max L. Fuller, on behalf of Chattanooga, Tenn.-based New Mountain Lake Acquisition Co., announced Friday the successful completion of their planned purchase of U.S. Xpress Enterprises Inc.

New Mountain Lake Acquisition Co. will own about 14,514,922 Class A Shares, representing approximately 93.3 percent of the total Class A Shares issued and outstanding. The company intends to immediately complete a short-form merger in which the remaining stockholders of the company who did not tender their Class A Shares will receive $20.10 per Class A Share in cash.
U.S. Xpress was founded in 1985 and went public in 1994. Fuller is currently the chief executive officer and Quinn is the company's president. In a letter filed with the Securities and Exchange Commission they said they don't anticipate any changes in management or business operations as a result of the transaction.
U.S. Xpress Enterprises is the fourth largest publicly owned truckload carrier in the United States, measured by revenue. Xpress Global Systems, a wholly owned subsidiary, provides transportation, warehousing and distribution services to the floor covering industry. The company is a joint owner of Transplace, an Internet-based logistics company. It has an 80 percent stake in Arnold Transportation Services and Total Transportation of Mississippi. It also has a 49 percent interest in Abilene Motor Express and a 40 percent interest in C&C Trucking of Duncan. More information is available at www.usxpress.com.