Swift Transportation

Swift Transportation

File:Swift Transportation logo.png
Company type	Subsidiary
Traded as	Template:NYSE was
Industry	Motor transportation OTR trucking
Founded	October 10, 1966
Headquarters	Phoenix, Arizona, United States
Key people	Adam W. Miller (President)(CEO)| Andrew Hess (CFO)
Products	Truckload carrier
Number of employees	21,900 (2019)
Parent	Knight-Swift
Website	www.swifttrans.com

Swift Transportation is a U.S.-based truckload motor freight carrier headquartered in Phoenix, Arizona. Since the 2017 merger with Knight Transportation, it operates as a division of Knight-Swift.

History

Established in 1966 by Carl Moyes alongside his sons Ronald and Jerry under the original name Common Market in Arizona, the company initially transported steel from Los Angeles to Phoenix and returned with cotton shipments to Southern California. The Swift Transportation brand was obtained from the Swift Meat Packing family when the Moyes family acquired trucking assets from Swift & Company. By 1984, with Jerry Moyes serving as president and CEO, the firm achieved annual revenues of $25 million.

In April 1988, Swift expanded by purchasing Cooper Motor Lines based in Greenville, South Carolina. By 1990, Swift had developed into a $125 million operation with a fleet exceeding 800 trucks and completed its initial public offering on NASDAQ under the ticker SWFT.

Following its IPO, Swift pursued growth through acquisitions including the $9 million purchase of Arthur H. Fulton Inc. in 1991 and acquiring assets from the bankrupt Dick Simon Trucking in 2001. These assets were incorporated into Central Refrigerated Service before merging back into Swift in 2014 for $180 million. Additionally, the acquisition of M.S. Carriers of Memphis in 2001 granted M.S. shareholders a 22% equity position.

Jerry Moyes resigned from his CEO role in 2005 amid an SEC insider trading probe, which was resolved without admission of guilt. The Moyes family continued to hold approximately 39% ownership.

In 2007, Jerry Moyes orchestrated a $2.4 billion leveraged buyout of Swift that included taking on $332 million of debt, backed by support from drivers and principal shareholders. This transaction was financed through $2.1 billion in senior secured loans and $835 million in second-lien notes.

Prior to the economic downturn known as the Great Recession, Swift operated more than forty terminals throughout the United States and Mexico. During the recession, its workforce contracted from 21,900 to roughly 17,700 employees. The company owns Trans-Mex located in Nuevo Laredo and provides border crossing services at all major crossings into Mexico while maintaining operations across every Canadian province.

By 2009, Swift managed a fleet consisting of 16,200 units—comprising 12,300 company-owned tractors and 3,900 owner-operated tractors—alongside 48,600 trailers and 4,500 intermodal containers operating from 35 terminals. That year’s revenue exceeded $2.5 billion.

Swift re-entered the public capital markets on December 16, 2010, with a listing on the New York Stock Exchange. The company offered approximately 73.3 million shares at $11 each, raising close to $766 million mainly to reduce outstanding debt. This IPO valued Swift at $1.86 billion but was priced below the leveraged buyout level of $17.61 per share.

The corporate strategy centered on expanding through acquisitions and broadening its operational footprint throughout North America. In April 2017, Swift merged with Knight Transportation in a deal valued at $6 billion to form Knight-Swift Transportation Holdings Inc., significantly enhancing its market position within the trucking sector.

In July 2024, Knight-Swift further diversified by acquiring Dependable Highway Express, Inc., an LTL carrier based in Los Angeles.