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It is the fourth largest trucking company in the United States. [2] The company's primary subsidiaries are truckload carriers Knight Transportation, Swift Transportation, Midnite Express and, since July 2021, less than truckload (LTL) carrier AAA Cooper. In January 2022, the company expanded its LTL footprint with the acquisition of Midwest ...
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).
Swift Transportation became public again on December 16, 2010, trading on the New York Stock Exchange (NYSE). [19] The company offered 73,300,000 shares at $11.00 per share, raising almost $766 million, with the proceeds used for debt reduction. The offering represented 54.9% of the company, valuing the company at $1.86 billion.
In 1991, the company became a public company via an initial public offering. [20] On January 24, 2022, ODFL became a Nasdaq-100 company, replacing Peloton Interactive on the index. [21] David Congdon, grandson of the company's founders, was named president and COO in 1997. Until May 2018, he served as the company's Vice Chairman and CEO.
The company was founded in April 2012 by former Morgan Stanley investment bankers Kevin Marchetti and Adam Forste, who formed Bay Grove Capital, LLC, through the consolidation of acquired warehousing and logistics companies beginning, in December 2008, with the purchase of Seafreeze from Toyo Susian Kaisha. [10]
On October 27, 2016, XPO, Inc. sold the truckload division to the Canadian-based company TFI International. [5] Shortly after, the truckload division was renamed back to its original name, CFI. In 2021 CFI looking to expand bought her sister company Transport America from TFI. Also Acquiring two smaller independent refrigerated carriers.
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