Logistics Management Resources, Louisville, Ky., has acquired Interstate University Inc., a certified driver training school headquartered in Evansville, Ind.

"This is an important step in the company's reorganization efforts," said Chairman and CEO Dan Pixler. "Interstate University, Inc. is a well-managed driver training school, which was established in 1998. IUI's current annualized revenues are approximately $2 million. There is and has been a driver shortage, throughout the United States, for quite some time. Interstate University Inc. provides an entry for LMRI to supply the demand for drivers with commercial driver's license to transportation and manufacturing companies. This acquisition presents and opportunity for LMRI to have immediate operating revenues and the potential for profits and growth."
Under the terms of the purchase, LMRI will pay a deferred cash purchase price and pay a small percentage of net earnings over a five-year period beginning on the anniversary date of the second year. The sellers will retain control over IUI during this period as well as the right to rescind the transaction if LMRI defaults on its obligations.
Logistics Management Resources Inc. is a holding company with its headquarters in Louisville, Ky. It was formed after U.S. Trucking filed bankruptcy in 2000 and liquidated its trucking subsidiaries. The company changed its name to Logistics Management Resources and moved to Louisville, with a plan to rebuild by focusing on an agent system rather than owning trucks.