Huntsville-based Lew Thompson Trucking and Son has been acquired by a Chattanooga, Tenn., logistics company in a deal worth $100 million.
In its most recent earnings report, Covenant Logistics Group said it finalized the deal to purchase Lew Thompson Trucking and Son and its related entities late last month. The deal for Lew Thompson Trucking and Son -- a company that focuses poultry feed and live hauling in Northwest Arkansas -- included $45 million in cash and $55 million from the company's credit facilities.
"We pursued Lew Thompson & Son because of their proven track record of operating a first class dedicated contract carrier business in a niche market, which we believe has less sensitivity to economic cycles and opportunities to grow," Chairman and Chief Executive Officer for Covenant, David R. Parker, said in a statement. "We believe the backing of Covenant will provide additional resources to expand Lew Thompson & Son to best meet the needs of their strong customer base."
Founded in 1984, Lew Thompson Trucking's first rig went to work hauling turkeys for Butterball. Today the company has 235 trucks and about 400 trailers, according to its website.