ºÚÁϳԹÏÍø

March 4, 1999 9:27 AM, EST

Transit Group agreed to buy Massengill Trucking Services of Hickory Flat, Miss., for a combination of cash and stock.

Massengill operates 158 power units and more than 500 trailers and provides dry van truckload service throughout the country with an emphasis on markets in the Southeast and Northeast.

Transit Group, based in Atlanta, will pay $1.1 million at closing and approximately $700,000 over a five-year period, plus 970,000 shares of Transit Group stock.

President Philip A. Belyew said Massengill, which had annual revenue of $22 million, will boost the company’s revenue base by about 8%, allowing greater economies of scale and efficiency.

Transit Group recently acquired Mississippi-based Priority Transportation, which has complementary customers and traffic lanes, Belyew said.

For the full story, see the March 8 print edition of Transport Topics. Subscribe today.