Manufacturing Industry
The management of truckload carrier Arnold Transportation Services unveiled a plan in October to buy out the majority stake in the firm from Jefferies Capital Partners, with the help of U.S. Xpress Enterprises.(Brief Article)
Purchasing, November, 2004
The management of truckload carrier Arnold Transportation Services unveiled a plan in October to buy out the majority stake in the firm from Jefferies Capital Partners, with the help of U.S. Xpress Enterprises. In the proposed transaction, Arnold's current management would obtain 51% ownership of Arnold and control of the board of directors, while U.S.
Xpress would obtain 49% ownership of Arnold, minority representation on the board of directors, as well as a three-year option to purchase management's interest. The management group would have a similar option to buy out U.S. Xpress' interest in Arnold after three years. Mike Waiters, current president and CEO, will continue in this role after the buyout.
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