Recent Transportation Acquisitions in Tennessee
Acquisition Volume in Transportation in Tennessee by Year
Last 5 years
Tennessee transportation deals span everything from dedicated trucking and marine drayage to fleet maintenance, trailer distribution, and luxury coach leasing. Recent transactions also show investment activity by both strategic operators and private equity-backed platforms headquartered or active in the state—often with an emphasis on scaling regional footprints.
Across the listed deals, a few themes recur: platform-building through add-ons (for example, expanding trailer or coach fleets), consolidating operations under larger transportation brands, and using capital to broaden service capabilities. The transactions also touch adjacent infrastructure services—such as parking management and preventative maintenance—where operational know-how and field service matter.
Because the page covers multiple years (from 2017 through 2026), it provides a time-sliced view of how buyers pursue growth in Tennessee’s transportation ecosystem—either by acquiring operating companies outright, taking majority stakes, or consolidating remaining interests.
What Stands Out
- Dedicated trucking scale: Werner Enterprises, Inc. acquired First Enterprises, Inc. (FirstFleet) to expand dedicated carrier revenues and network density in the eastern U.S.
- Service-and-maintenance platform expansion: Ares Private Equity (Ares Management Corporation) took a majority stake in Nashville-based Epika Fleet Services, Inc. to grow mobile and in-shop maintenance capabilities.
- Fleet equipment distribution & platform building: Stonepeak acquired Fleet Companies (Fleet Equipment, LLC) in Memphis as a seed asset for a national trailer platform.
- Logistics partnerships and partial ownership: Kuehne+Nagel agreed to acquire 51% of IMC Logistics; IMC continues operating with its existing leadership team.
- Operator roll-ups and recurring PE activity: Several transactions feature repeat buyer families (including Allied Industrial Partners LLC, Interprise Partners, and FVLCRUM Funds) backing transportation-adjacent services and leasing businesses in Tennessee.
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- Buyer
- Werner Enterprises, Inc., Werner Enterprises, Inc.
- Target
- First Enterprises, Inc. (FirstFleet), FirstFleet real estate properties
- Seller
- FirstFleet owners (including Paul Wilson)
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Werner Enterprises, Inc. acquired privately owned Dedicated trucking company First Enterprises, Inc. (FirstFleet) for approximately $245 million in cash, and will separately purchase FirstFleet’s real estate properties for about $37.8 million. The acquisition positions Werner as the fifth-largest Dedicated carrier in the U.S. and is expected to be immediately accretive to earnings per share.
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- Buyer
- Ares Private Equity (Ares Management Corporation)
- Target
- Epika Fleet Services, Inc.
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
An Ares Private Equity fund has acquired a majority stake in Epika Fleet Services, a Nashville-based provider of mobile-focused preventative maintenance and repair services for commercial trucking fleets. The investment will provide capital to expand Epika’s mobile and in-shop service capabilities, grow its geographic footprint across underserved U.S. regions, and accelerate the platform’s go-to-market strategy.
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November 19, 2024
- Buyer
- Stonepeak
- Target
- Fleet Companies (Fleet Equipment, LLC)
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Stonepeak, a New York-based alternative investment firm, has acquired Fleet Companies, a regional trailer dealership and leasing company headquartered in Memphis, Tennessee. Fleet will serve as the seed asset for a national trailer platform Stonepeak plans to build across the U.S.; terms were not disclosed and the deal has closed.
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November 14, 2024
- Buyer
- Kuehne+Nagel
- Target
- IMC Logistics
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Growth capital
IMC Logistics, a U.S. marine drayage provider, announced a strategic partnership with Kuehne+Nagel under which Kuehne+Nagel will acquire 51% of the company. The parties expect the transaction to complete at the beginning of Q1 2025, subject to regulatory approvals and customary closing conditions, while IMC will continue operating with its existing leadership team.
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April 23, 2024
- Buyer
- Celebrity Coaches, LLC, Allied Industrial Partners LLC
- Target
- Moonstruck Leasing LLC
- Seller
- Josh Trivett (founder and owner of Moonstruck Leasing)
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Addon
Celebrity Coaches, a national provider of luxury motorcoach leasing backed by Allied Industrial Partners, has acquired Moonstruck Leasing, a Nashville-based entertainment coach leasing company. The bolt-on adds multiple luxury Prevost motorcoaches to Celebrity's fleet, expanding capacity and clientele; financial terms were not disclosed. Moonstruck founder Josh Trivett will join Celebrity as General Manager and lead business development.
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March 21, 2024
- Buyer
- Allied Industrial Partners LLC
- Target
- Celebrity Coaches, LLC
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Growth capital
Allied Industrial Partners has made a strategic growth investment in Celebrity Coaches, a Nashville-area provider of luxury motorcoach design, fabrication and leasing for the live events and entertainment sector. Founder Jeff Michael and key management will remain owners as Allied provides capital to scale operations, expand service offerings and build a platform focused on entertainment infrastructure services.
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- Buyer
- Berkshire Hathaway Inc.
- Target
- Pilot Travel Centers LLC
- Seller
- Pilot Corporation
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Berkshire Hathaway Inc. has acquired the remaining 20% interest in Pilot Travel Centers LLC from Pilot Corporation pursuant to a settlement agreement, bringing Berkshire's ownership to 100%. The transaction completes Berkshire's consolidation of Pilot Travel Centers under its full ownership; no financial terms were disclosed in the announcement.
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November 8, 2023
- Buyer
- Dreamliner Luxury Coaches
- Target
- Hemphill Brothers Coach Company
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Dreamliner Luxury Coaches, a Nashville-based provider of upscale tour and executive coaches, has acquired Hemphill Brothers Coach Company, nearly tripling Dreamliner’s fleet to 190 vehicles. The acquisition makes Dreamliner the largest entertainer coach company and expands its ability to service over 50% of large arena and stadium tours across the United States and Canada.
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- Buyer
- Knight-Swift Transportation Holdings Inc.
- Target
- U.S. Xpress Enterprises, Inc.
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Knight-Swift Transportation Holdings agreed to acquire U.S. Xpress Enterprises for an enterprise value of approximately $808 million, excluding transaction costs. The deal was expected to close in late Q2 or early Q3 2023, with U.S. Xpress continuing to operate as an independent brand; it ultimately closed July 1, 2023.
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September 19, 2022
- Buyer
- Interprise Partners, FVLCRUM Funds
- Target
- Parking Management Company, LLC (PMC)
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Recapitalization
Interprise Partners (the predecessor to FVLCRUM) led a minority recapitalization of Parking Management Company, LLC (PMC), a Nashville-based parking services provider operating in over 90 U.S. cities. The recapitalization preserves management governance, expands the partnership with FVLCRUM, and positions PMC to add capabilities and enter new markets.
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- Buyer
- Steel Partners Holdings L.P.
- Target
- Steel Connect, Inc.
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Steel Partners Holdings will acquire the remaining common stock of Steel Connect, making Steel Connect a wholly owned subsidiary. The consideration is $1.35 per share in cash plus a contingent value right (CVR) tied to net proceeds exceeding $80 million if Steel Connect’s ModusLink subsidiary is sold within two years after closing.
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May 19, 2022
- Buyer
- Marigny Investments, Greyrock Capital Group
- Target
- Victory Supply
- Seller
- Kathy Trommer, Evan Trommer
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Marigny Investments, a Denver-based private equity firm, acquired Victory Supply, a Mt. Pleasant, Tennessee-based distributor of inmate clothing and detention supplies. Greyrock Capital Group provided equity and subordinated debt financing; founders Kathy and Evan Trommer will remain significant owners as Marigny looks to scale the business across its fragmented customer base.
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May 3, 2022
- Buyer
- American Expediting
- Target
- Crosstown, Inc.
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
American Expediting has acquired Crosstown, Inc. to expand its nationwide coverage and strengthen its Tennessee Valley network, enhancing its life-sciences and final-mile delivery capabilities. Crosstown's president Steve Seger will continue to manage day-to-day operations and lead the integration, enabling customers to access broader national services.
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April 21, 2022
- Buyer
- GTI Transport Solutions Inc., Novacap
- Target
- Foxconn Logistics
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Addon
Novacap-backed GTI Transport Solutions has acquired Foxconn Logistics, an asset-light brokerage specializing in container management and drayage across major U.S. ports. The add-on expands GTI's intermodal and container capabilities and strengthens its north–south corridor coverage between Montreal and Texas.
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March 22, 2022
- Buyer
- Covenant Logistics
- Target
- AAT Carriers
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Covenant Logistics has acquired AAT Carriers, a Chattanooga-based specialized carrier that handles hazardous, high-value, and dedicated freight for government and commercial customers. The acquisition expands Covenant's capabilities into sensitive and hazardous freight movements—including defense-sector work—by adding AAT's specialized fleet and expertise.
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September 14, 2021
- Buyer
- FleetPride, Inc.
- Target
- Truck Service Company, Inc.
- Seller
- Truck Service Company, Inc.
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
FleetPride, Inc. has acquired the assets of Truck Service Company, Inc., a Chattanooga-based heavy-duty truck repair and service center. The acquisition adds a service location that will complement FleetPride's nearby parts branch and expand its parts-and-service offering for fleets and drivers in southern Tennessee and northern Georgia.
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- Buyer
- Comvest Partners
- Target
- Atomic Transport, LLC
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Growth capital
Comvest Partners made a minority growth investment in Atomic Transport, a Chattanooga-based provider of outsourced long-haul waste transport and transfer station management. The capital will optimize Atomic’s capital structure and support equipment purchases, new contracts and geographic expansion across the company’s multi-state terminal network.
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- Buyer
- CC Industries, Inc.
- Target
- Southern Towing Company, LLC
- Seller
- Trive Capital
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Divestiture
Chicago-based CC Industries, Inc. has acquired Southern Towing Company, LLC, an inland tank barge operator based in Memphis, Tennessee, from Trive Capital. The transaction represents a strategic consolidation/expansion of CC Industries' industrial/marine transportation capabilities and a successful exit for Trive Capital.
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January 2, 2019
- Buyer
- Cubic Corporation
- Target
- GRIDSMART Technologies, Inc.
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Cubic Corporation acquired GRIDSMART Technologies, Inc. for approximately $87 million in cash to strengthen its Intelligent Traffic Management portfolio. GRIDSMART, based in Knoxville, Tennessee, provides single-camera video detection and analytics and was expected to contribute about $35 million in revenue and $8 million of adjusted EBITDA for full-year 2019.
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December 15, 2017
- Buyer
- Daseke, Inc.
- Target
- Moore Freight Service, Inc.
- Seller
- Moore Freight shareholders
- Industry
- Transportation
- Location
- Tennessee, United States
- Type
- Buyout
Daseke, Inc. (NASDAQ: DSKE) has acquired Moore Freight Service, Inc., a Mascot, Tennessee-based specialist in flat glass transportation. The acquisition expands Daseke’s flatbed and specialized freight capabilities and brings Moore Freight’s niche expertise and customer relationships into Daseke’s North American platform; Dinan Capital Advisors served as financial advisor to Moore Freight and its shareholders.
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Frequently Asked Questions
What kinds of transportation subsectors show up in Tennessee acquisitions here?
The page includes trucking (including dedicated), mobile preventative maintenance, trailer distribution/leasing, marine drayage, parking services, and coach leasing for entertainment and touring.
Are these deals mostly full acquisitions or do they include minority/majority stakes?
Both appear. For example, Ares acquired a majority stake in Epika Fleet Services, and Kuehne+Nagel agreed to acquire 51% of IMC Logistics. Other deals involve full acquisitions or consolidating remaining interests.
Which Tennessee locations are referenced most often in the deals listed?
Deal announcements reference Tennessee-based operations such as Nashville, Memphis, and Mt. Pleasant (for targets headquartered or operating there).
What acquisition strategies are most common across the transactions?
Common strategies include scaling via network or fleet expansion, building national platforms from regional seed assets, and expanding service offerings (e.g., mobile and in-shop maintenance, or leasing capacity).