Covenant Transport buys Landair in $83 million deal
A local transport company has reportedly bought an in-state competitor.
Covenant Transport, based in Chattanooga, has bought Landair Transport, which is based in Greeneville, TN.
Landair's more than 800 full-time employees were notified of the news this morning by owner Scott Niswonger.
Plans are for Landair to remain a wholly-owned subsidiary of Covenant, with John Tweed remaining as president.
Under the terms of the agreement, Covenant purchased 100% of Landair’s outstanding stock in exchange for approximately $83.0 million in cash. At closing, Landair also had approximately $15.5 million of debt which Covenant has refinanced, according to a news release.
Scott Niswonger said “Today is the start of the next chapter in the Landair story. We are blessed to have identified a strategic buyer that was founded on faith-based principles and is committed to continued investment in our business and people.