Transport America formally withdraws IPO; acquired by Canada's TransForce for $310 million
Transport America, which provides truckload transportation and logistics to shippers in the US and Mexico, withdrew its plans for an initial public offering on Thursday. In early June, Canadian shipping company TransForce announced that it would purchase the company for $310 million, including assumption of $150 million in debt. Transport America previously traded on the NASDAQ until it was acquired by private equity firm Goldner Hawn Johnson & Morrison at a $113 million valuation in 2006. The Eagan, MN-based company originally filed for a $75 million IPO in mid-December.
Transport America, which was founded in 2005 and booked $347 million in sales for the fiscal year ended December 31, 2013, had planned to list on the NASDAQ under the symbol TRAM. Baird and Stifel were set to be the joint bookrunners on the deal.