Roadway Corp. will sell its subsidiary Arnold Transportation Services,
the company announced Dec. 30.
A management group
led by Michael S. Walters, Arnold's president and CEO, and Jefferies
Capital Partners, a private equity firm, will purchase the division
in a $55 million transaction that is expected to close by the first
quarter of 2003.
FL-based ATS uses 500 owner-operators along with its 800 company-owned
tractors and 4,200 trailers. The firm is an irregular route and dedicated
truckload carrier that specializes in short-haul operations in the
Northeast, Southeast, Midwest and Southwest regions of the United
The change could
be good news for the owner-operator segment of the industry. A spokesman
for Roadway said ATS was looking to increase the number of owner-operators
it works with.
will be retaining his current drivers and looking for additional drivers,"
John Hyre, director of public relations at Roadway, told Land Line Dec. 30.
ATS in November 2001 as part of its purchase of Arnold Industries
-By Mark Reddig,