COVENANT LOGISTICS GROUP, INC. (CVLG): M&A transaction — Covenant Logistics completes $100M acquisition of Lew Thompson & Son Trucking

COVENANT LOGISTICS GROUP, INC.

Closed April 26, 2023; enterprise value ~$100M plus earnout up to $30M over three years.
Acquired 100% of outstanding stock of Lew Thompson & Son, a poultry feed and live haul carrier in NW Arkansas.
Earnout based on business results over the three following calendar years.
Amendment reclassifies transaction from Item 8.01 to Item 2.01 (completion of acquisition).

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

COVENANT LOGISTICS GROUP, INC. completed an acquisition involving Lew Thompson & Son Trucking, Inc. and related entities (Lew Thompson & Son) for closing enterprise value of approximately $100 million plus an earnout of up to $30 million (closed 2023-04-26).

Action: acquisition
Counterparty: Lew Thompson & Son Trucking, Inc. and related entities (Lew Thompson & Son)
Consideration: closing enterprise value of approximately $100 million plus an earnout of up to $30 million
Closing: 2023-04-26

Exact text from the filing

the terms of the Stock Purchase Agreement, the Company purchased 100% of the outstanding stock of Lew Thompson & Son in exchange for a closing enterprise value of approximately $100 million plus an earnout of up to $30 million depending on the results achieved by the business over the three following calendar years. The Purchase Agreement contains customary

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COVENANT LOGISTICS GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001008886-23-000193

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