Covenant Logistics Group, Inc.
TypePublic company
Nasdaq: CVLG
Russell 2000 Component
IndustryTransportation
FoundedChattanooga, Tennessee (1986)
FounderDavid Parker
HeadquartersChattanooga, Tennessee
Area served
USA and Canada
Websitewww.ctgcompanies.com

Covenant Logistics Group, Inc. (formerly Covenant Transport, Inc.) is an American company focused on truckload shipping. The company is headquartered in Chattanooga, Tennessee and is publicly traded on Nasdaq (NASDAQ: CVLG). The company provides temperature controlled trucking, regional delivery, and longhaul team driver delivery.[1]

History

Covenant began operations on January 2, 1986,[2] by founders David and Jacqueline Parker, with 25 trucks and 50 trailers. The company now jointly operates over 3,000 trucks and 7,000 trailers with sister companies Southern Refrigerated Transport, Inc. (Texarkana, Arkansas), Star Transportation Inc. (La Vergne, Tennessee) and Landair Transportation, Inc. (Greeneville, Tennessee). The four companies have shared terminals in Chattanooga, Hutchins, Texas, Pomona, California, Texarkana, Arkansas, La Vergne, Allentown, Pennsylvania, Orlando, Florida, and Greenville.

In addition to the four asset-based companies, CTG owns a freight brokerage company, Covenant Transport Solutions, and an accounts receivable factoring company for smaller trucking companies, Transport Financial Solutions, both based in Chattanooga. CTG has a 49% stake in Transport Enterprise Leasing, a tractor and trailer leasing company that caters to smaller fleets and captive owner-operator programs, in addition to used tractor and trailer sales.

Acquisitions

In July 2018, Covenant Logistics (Covenant Transport at the time) acquired Landair Holdings Inc., the parent of Landair Transport and Landair Logistics. [3]

In April of 2023, Covenant Logistics acquired Lew Thompson & Son Trucking, Inc..[4] Lew Thompson & Son Trucking is based out of Northern Arkansas and specializes in live haul transportation. [5]

Renaming

Following its acquisition of Landair Holdings, the company re-named itself from Covenant Transport to Covenant Logistics.[6]

References

  1. ↑ "Services". Covenant Transport. Retrieved 2007-11-13.
  2. ↑ "Covenant Transport - History". Covenant transport web site.
  3. ↑ "Covenant Transport Services Acquires Landair Holdings". Transport Topics. 2018-07-06. Retrieved 2023-10-25.
  4. ↑ Rosa, Jeff Della (2023-05-01). "Covenant buys Lew Thompson & Son Trucking for $100 million". Talk Business & Politics. Retrieved 2023-10-25.
  5. ↑ "Covenant Logistics Completes Acquisition Of Arkansas Trucking Firm". www.chattanoogan.com. 2023-04-27. Retrieved 2023-10-25.
  6. ↑ "Covenant Logistics Announces New Website, Rebranding Effort Complete". The Greeneville Sun. October 7, 2021.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.