Truckload carrier U.S. Xpress Enterprises, Inc. has acquired a 41% stake in Total Transportation of Mississippi (TTMS) and affiliated companies. TTMS, a truckload carrier providing services in the eastern U.S., will continue to operate independently from U.S. Xpress utilizing its current facilities.
U.S. Xpress has a minority representation on the TTMS board of directors, as well an option to purchase management’s interest at a price based on the current price and specified annual return through October 2008. TTMS will also have a similar option to buy back U.S. Xpress’ interest.
The TTMS management team will remain in place and will initially control 59% of TTMS. U.S. Xpress emphasized that it has no plans to restructure.
“TTMS has achieved significant growth in revenue and net income in recent years,” said Max L. Fuller, co-chairman of U.S. Xpress. “We intend to help facilitate equipment and other purchasing as well as cross-marketing opportunities where prudent.”