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SEARCHKnight-Swift is continuing its efforts to build a nationwide less-than-truckload business with the acquisition of the regional less-than-truckload division of Dependable Highway Express.
The deal increases Knight-Swift’s LTL terminal and door counts by approximately 10%.
Image: HDT Graphic
Knight-Swift Transportation is continuing its efforts to build a nationwide less-than-truckload business with the July 30 acquisition of the regional less-than-truckload division of Dependable Highway Express, based in Los Angeles.
“We are excited to take the next step toward building a nationwide LTL business, and especially to grow our network to include the key Southwest markets of California, Arizona, and Nevada,” said Knight-Swift CEO Adam Miller.
The company entered the LTL business with its 2021 acquisition of Alabama-based LTL AAA Cooper. Later that year it expanded its LTL footprint with the acquisition of RAC MME Holdings and its subsidiaries, which operate under the brand names of Midwest Motor Express and Midnite Express, which covered the upper Midwest and Northwest.
The purchase of DHE will connect with Knight-Swift’s AAA Cooper and MME businesses to provide coast-to-coast service. The deal increases Knight-Swift’s LTL terminal and door counts by approximately 10% and brings its network’s coverage of the U.S. population to approximately 70%.
“While we never intended to sell the division, we have watched with admiration as Knight-Swift set about building a leading national LTL business," said Dependable CEO Ronald Massman.
"When the company approached us about a transaction, we immediately saw the strategic merit of the Dependable LTL division joining the platform."
The DHE associates and assets will operate as a separate brand under the AAA Cooper corporate group. Joe Finney served as chief operating officer of DHE prior to the transaction and will continue leading DHE as its president after the transaction.
Financial terms were not disclosed.
Knight-Swift says the LTL business complements the more cyclical truckload business by providing income stability over truckload cycles.
In its recent second-quarter earnings report, Knight-Swift reported that “LTL continues to show positive volume and yield trends as we opened additional locations during the quarter.”
LTL brought in 16% of Knight-Swift’s revenues for the second quarter. (Truckload was 66%).
Knight-Swift estimates that DHE generated approximately $122 million in total operating revenue over the past 12 months, with an operating margin of approximately 10%.
“The strategic value of acquiring a strong Southwest competitor like DHE is meaningful,” Miller explained, “given the impact to our coverage area significantly expands the customers we can serve as well as the difficulty of building or acquiring LTL facilities in many of these locations.”
Prior to the transaction, Dependable’s LTL division operated within the broader integrated services offering of Dependable Supply Chain Services, an affiliated group of asset-based third-party logistics providers founded over 70 years ago by the Massman family.
The LTL division serves its customers through a network of facilities located across California, Arizona and Nevada.
Dependable will continue to operate its full truckload, warehousing and distribution, harbor drayage and third-party logistics businesses under its existing Dependable Supply Chain Services branding.
Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple truckload transportation, less-than-truckload, logistics, and business services to the shipping and transportation sectors.
Knight-Swift has continued to grow its truckload business, as well, with last year’s acquisition of U.S. Xpress.
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