Transportation Acquisitions in Tennessee

Werner Enterprises (Nasdaq: WERN) acquired privately held First Enterprises, Inc. ("FirstFleet"), a Murfreesboro, Tennessee–based dedicated trucking company, for approximately $245 million in cash plus a separate purchase of real estate (total consideration ~ $282.8 million). The deal adds ~2,400 tractors and 11,000 trailers to Werner, makes it the fifth-largest dedicated carrier in North America, is expected to be immediately accretive to EPS and to yield about $18 million of annual synergies while retaining most FirstFleet management and its Tennessee headquarters.

An Ares Private Equity fund has acquired a majority stake in Epika Fleet Services, a Nashville-based provider of mobile-focused preventative maintenance and repair services for commercial trucking fleets. The investment will provide capital to expand Epika’s mobile and in-shop service capabilities, grow its geographic footprint across underserved U.S. regions, and accelerate the platform’s go-to-market strategy.

Stonepeak, a New York-based alternative investment firm, has acquired Fleet Companies, a regional trailer dealership and leasing company headquartered in Memphis, Tennessee. Fleet will serve as the seed asset for a national trailer platform Stonepeak plans to build across the U.S.; terms were not disclosed and the deal has closed.

Celebrity Coaches, a national provider of luxury motorcoach leasing backed by Allied Industrial Partners, has acquired Moonstruck Leasing, a Nashville-based entertainment coach leasing company. The bolt-on adds multiple luxury Prevost motorcoaches to Celebrity's fleet, expanding capacity and clientele; financial terms were not disclosed. Moonstruck founder Josh Trivett will join Celebrity as General Manager and lead business development.

Allied Industrial Partners has made a strategic growth investment in Celebrity Coaches, a Nashville-area provider of luxury motorcoach design, fabrication and leasing for the live events and entertainment sector. Founder Jeff Michael and key management will remain owners as Allied provides capital to scale operations, expand service offerings and build a platform focused on entertainment infrastructure services.

Berkshire Hathaway Inc. has acquired the remaining 20% interest in Pilot Travel Centers LLC from Pilot Corporation pursuant to a settlement agreement, bringing Berkshire's ownership to 100%. The transaction completes Berkshire's consolidation of Pilot Travel Centers under its full ownership; no financial terms were disclosed in the announcement.

Dreamliner Luxury Coaches, a Nashville-based provider of upscale tour and executive coaches, has acquired Hemphill Brothers Coach Company, nearly tripling Dreamliner’s fleet to 190 vehicles. The acquisition makes Dreamliner the largest entertainer coach company and expands its ability to service over 50% of large arena and stadium tours across the United States and Canada.

Knight-Swift Transportation Holdings agreed to acquire U.S. Xpress Enterprises for a total enterprise value of approximately $808 million, paying $6.15 per share; the transaction was approved by shareholders and closed on July 1, 2023. U.S. Xpress will continue to operate as a separate brand, with the Fuller family rolling over a portion of their equity into an approximately 10% interest in a new Knight-Swift subsidiary holding the business.

Interprise Partners (the predecessor to FVLCRUM) led a minority recapitalization of Parking Management Company, LLC (PMC), a Nashville-based parking services provider operating in over 90 U.S. cities. The recapitalization preserves management governance, expands the partnership with FVLCRUM, and positions PMC to add capabilities and enter new markets.

Marigny Investments, a Denver-based private equity firm, acquired Victory Supply, a Mt. Pleasant, Tennessee-based distributor of inmate clothing and detention supplies. Greyrock Capital Group provided equity and subordinated debt financing; founders Kathy and Evan Trommer will remain significant owners as Marigny looks to scale the business across its fragmented customer base.

American Expediting has acquired Crosstown, Inc. to expand its nationwide coverage and strengthen its Tennessee Valley network, enhancing its life-sciences and final-mile delivery capabilities. Crosstown's president Steve Seger will continue to manage day-to-day operations and lead the integration, enabling customers to access broader national services.

Novacap-backed GTI Transport Solutions has acquired Foxconn Logistics, an asset-light brokerage specializing in container management and drayage across major U.S. ports. The add-on expands GTI's intermodal and container capabilities and strengthens its north–south corridor coverage between Montreal and Texas.

Covenant Logistics has acquired AAT Carriers, a Chattanooga-based specialized carrier that handles hazardous, high-value, and dedicated freight for government and commercial customers. The acquisition expands Covenant's capabilities into sensitive and hazardous freight movements—including defense-sector work—by adding AAT's specialized fleet and expertise.

FleetPride, Inc. has acquired the assets of Truck Service Company, Inc., a Chattanooga-based heavy-duty truck repair and service center. The acquisition adds a service location that will complement FleetPride's nearby parts branch and expand its parts-and-service offering for fleets and drivers in southern Tennessee and northern Georgia.

Comvest Partners made a minority growth investment in Atomic Transport, a Chattanooga-based provider of outsourced long-haul waste transport and transfer station management. The capital will optimize Atomic’s capital structure and support equipment purchases, new contracts and geographic expansion across the company’s multi-state terminal network.

Chicago-based CC Industries, Inc. has acquired Southern Towing Company, LLC, an inland tank barge operator based in Memphis, Tennessee, from Trive Capital. The transaction represents a strategic consolidation/expansion of CC Industries' industrial/marine transportation capabilities and a successful exit for Trive Capital.

Cubic Corporation acquired GRIDSMART Technologies, Inc. for approximately $87 million in cash to strengthen its Intelligent Traffic Management portfolio. GRIDSMART, based in Knoxville, Tennessee, provides single-camera video detection and analytics and was expected to contribute about $35 million in revenue and $8 million of adjusted EBITDA for full-year 2019.

Daseke, Inc. (NASDAQ: DSKE) has acquired Moore Freight Service, Inc., a Mascot, Tennessee-based specialist in flat glass transportation. The acquisition expands Daseke’s flatbed and specialized freight capabilities and brings Moore Freight’s niche expertise and customer relationships into Daseke’s North American platform; Dinan Capital Advisors served as financial advisor to Moore Freight and its shareholders.