TO: Employees, Agents, Drivers and Contractors of Jones Motor Group
FROM: Donald R. Sheehy, Chairman
James J. Koegel, President
June 27, 2016
We are pleased to announce that Jones Motor Group (Jones) and its affiliated companies have agreed to a transaction whereby an affiliate of Transport Investments, Inc. (TII) would acquire the shares of Jones, Jones Motor Co., Inc., Hot Shot Express, Inc., Jones Express, Inc., and Jones Motor Logistics. TII, based in Pittsburgh, PA, is structured similarly to Jones in that each of its operating companies maintain independent brands. The Jones brands will be incorporated into TII’s structure and will continue to have operations in Limerick, PA. We expect the transaction will close within 30 days.
Ken Lacey will become President of Jones and Jim Koegel will assume the role of Chairman of Jones as well as an investor in TII. Don Sheehy will retire from the Jones trucking operations but will remain involved in the real estate business which was previously part of the Jones group.
TII, whose President and Chief Executive Officer is Douglas McAdams, has a network of approximately 300 agents and 800 owner-operators primarily in the flat- bed/specialized sector of the trucking industry. The combination of TII and Jones will create a leader in the industry with nearly $350 Million in revenue and approximately 350 agents and 1,400 owner-operators servicing approximately 170,000 loads, annually. TII and Jones’ complementary capabilities and strengths will provide more opportunities for agents, owner-operators and employees. For example, agents and owner-operators will have access to common load/truck availability, which will mean less deadhead, improved revenue per mile, and a master lease that will enable our trucks to take loads from any TII subsidiary and more seamlessly. Additionally, our combined companies will allow our agents and owner-operators to better attract new customers by taking advantage of TII’s well-established brand names, representing quality and dependence across various segments of the trucking industry.
We are very excited about becoming part of the TII family and the opportunities for employees, agents, owner-operators and customers.