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AAA COOPER Truck Lines - Headquartered In Dothan HAS SOLD

Rickey Stokes

Viewed: 5257

Posted by: RStokes
[email protected]
3347901729
Date: Jul 06 2021 1:12 PM

The nation’s largest truckload carrier, Knight-Swift Transportation (NYSE: KNX), announced Tuesday it has acquired less-than-truckload carrier AAA Cooper Transportation in a transaction with an enterprise value of $1.35 billion.


Dothan, Alabama-based AAA Cooper is expected to generate full-year 2021 revenue of $780 million, $140 million in earnings before interest, taxes, depreciation and amortization (EBITDA) and $80 million in operating income. The deal is expected to add 13 cents per share to Knight-Swift’s adjusted earnings in the second half of 2021 and 29 cents per share to earnings in 2022.


The transaction amount implies an acquisition multiple of less than 10x EBITDA.


AAA Cooper has a very large regional LTL network in the Southeast and Midwest with 70 facilities, more than 3,400 doors and 4,800 employees. The carrier has a fleet of 3,000 tractors and 7,000 trailers and provides nationwide service through affiliates. AAA Cooper has recently been operating at a high-80% to low-90% operating ratio.


“We have long had interest in the LTL space and admired the success of AAA Cooper. We feel honored to be stewards of the AAA Cooper brand and, similar to previous acquisitions, AAA Cooper will continue to operate independently while benefiting from the many synergies we expect through Knight-Swift,” said Dave Jackson, Knight-Swift CEO.


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