USA Truck: How a freight carrier returns to North American hands after leaving DSV?

The Return of a Key Player in Logistics

USA Truck, the American carrier based in Arkansas, has completed a buyback operation that returns it to the control of its former and current executive leaders. The company was previously acquired by DSV, the Danish logistics giant, as part of its purchase of DB Schenker. However, the strategic alignment never worked as expected.

Why did DSV decide to let go of the carrier?

In October, DSV announced its search for a buyer for USA Truck, arguing that the carrier’s asset-intensive business model did not fit with its asset-light approach. For DSV, a company focused on high-value-added logistics services, maintaining a fleet of 1,800 trucks and 6,000 trailers represented a deviation from its core strategy.

This decision makes sense when looking at the trajectory: DB Schenker paid $435 million for USA Truck in 2022, but the profitability of a carrier depends on factors very different from those of a global logistics intermediary.

The team regaining control

The new ownership structure includes current CEO George Henry, who will continue to lead the operation. Alongside him, former CFO Zachary King returns as interim CFO. James Reed, former CEO of the company, participates as an advisor—currently leading Kodiak AI in autonomous transportation technology and acting as an operational partner at Banner Capital.

“I deeply appreciate DSV’s commitment and support during this transition,” Henry said in his statement. “The global supply chain knowledge we gained working with two of the world’s leading freight forwarders will continue to be central to our operations.”

The numbers explaining viability

Before the sale to Schenker in 2022, USA Truck faced severe pressures during the 2019 recession and the early phases of the pandemic. The contraction strategy proved effective: by reducing its fleet by 10%, the company improved asset utilization and decreased its dependence on the spot market.

By the second half of 2020, USA Truck had already returned to profitability. In Q1 2022—the last reported period before the change of hands—the transportation segment showed an adjusted operating ratio of 87%. Leverage also improved significantly, falling from more than four times adjusted EBITDA to just 1.7 times.

These indicators demonstrate that a focused and well-managed carrier can generate solid returns, although it requires a completely different operational model from that of a global logistics intermediary.

What’s next?

With ownership once again in American and private hands, USA Truck gains the flexibility needed to execute a growth strategy tailored to its business model. Henry closed his message symbolically: “Welcome home, USA Truck!”—reflecting that the carrier is finally returning to its natural operating space.