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Knight - Swift Transportation Adds Less - Than - Truckload Growth Platform Through Acquisition of AAA Cooper July 6 , 2021 PHOENIX -- ( BUSINESS WIRE ) -- On Monday , July 5 , 2021 , Knight - Swift Transportation Holdings Inc. ( NYSE : KNX ) ( " Knight- Swift " ) , acquired 100 % of Dothan , Alabama - based AAA Cooper Transportation and an affiliated entity ( " AAA Cooper " ) . AAA Cooper is a leading less - than - truckload ( " LTL " ) carrier that also offers dedicated contract carriage and ancillary services . The transaction is expected to be immediately accretive to Knight - Swift's adjusted earnings per share ( " Adjusted EPS " ¹ ) . Knight - Swift CEO , Dave Jackson , expressed the following , " 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 benefitting from the many synergies we expect through Knight - Swift . Reid Dove has been appointed to the Knight - Swift board of directors and will continue to be the CEO of AAA Cooper . " In seeking our first LTL partner , we had three main requirements - the scale for entry with significant market share , the profitability and management depth to operate independently and provide a platform for compelling growth opportunities , and a world class culture . We were excited to have identified AAA Cooper as a partner that meets all three requirements , and I couldn't be happier to finally find the right time for both of us to create a partnership . This transaction firmly positions us as a meaningful player in the LTL space , where we intend to grow both organically and through future acquisitions . " Reid Dove , CEO of AAA Cooper , noted , " Joining the Knight - Swift team is an exciting combination for the AAA Cooper team members and customers . It will allow us to pursue new opportunities and accelerate our growth . We will continue to operate as an independent company , headquartered in Dothan , Alabama , and will do so with the support and partnership of the strongest provider in the full truckload space . This is the fusion of two excellent companies in their respective sectors of the transportation industry , which makes this a win for our people , our customers , and for the newly expanded Knight - Swift team . " About AAA Cooper AAA Cooper is expected to generate approximately $ 780 million in revenue , $ 140 million in EBITDA¹ , and $ 80 million in operating income for full - year 2021. AAA Cooper serves its blue - chip customer list through an extensive network of approximately 70 facilities ( 90 % owned , with the remainder leased ) , consisting of a terminal door count of over 3,400 , strategically located across the southeastern and midwestern United States . Nationwide service is provided through affiliations with other leading regional and national LTL companies . AAA Cooper's fleet includes nearly 3,000 tractors and 7,000 trailers , which execute at an operating ratio in the high 80's to low 90's . The company's highly skilled and efficient workforce includes approximately 4,800 associates . For each of the last five years AAA Cooper has been named one of America's Best Mid - sized Employers by Forbes Magazine² . About the Transaction The enterprise value of the transaction was $ 1.35 billion . The purchase price consideration consisted of $ 1.3 billion in cash , $ 10 million in Knight - Swift shares , and approximately $ 40 million in assumed debt , net of cash . Cash for the transaction was funded from a new $ 1.2 billion term loan provided by Bank of America to Knight - Swift , as well as existing Knight - Swift liquidity . AAA Cooper was an S corporation for tax purposes , and the transaction included an election under Internal Revenue Code Section 338 ( h ) ( 10 ) . The transaction is expected to be accretive to Knight - Swift's Adjusted EPS1 during the third quarter of 2021. On a longer - term basis , the parties have identified multiple areas of revenue and cost synergies that are expected to lead to growth and margin expansion consistent with Knight - Swift's return on investment targets , while preserving AAA Cooper's brand , locations , people , and culture . Advisors