Danish freight forwarder DSV said Thursday it will divest truckload carrier USA Truck, which it acquired earlier this year when it bought German forwarder and logistics provider DB Schenker. DSV said the USA Truck business is “not an optimal fit” for its mostly asset-light offering.
DSV will report USA Truck’s results as discontinued operations during the transition period. The Arkansas-based carrier will continue to operate independently with current leadership remaining intact. No timeline was given for the sales process.
“While USA Truck may not fully align with DSV’s asset-light business model, these connections are valuable and will continue to have a positive impact at both organizations as we move forward,” said Rene Harboe, CEO Americas for DSV Road, in a news release.
Schenker acquired USA Truck in 2022 in a transaction that valued the carrier at $435 million, netting shareholders a 118% premium. The deal was part of Schenker’s plan to expand trucking services in the U.S. and Canada. (DSV completed its acquisition of Schenker in April.)
USA Truck had 1,900 tractors, 2,100 employees and a network of terminals across the Eastern U.S., generating more than $700 million in revenue at the time. Its operations also included a national third-party logistics platform. (The carrier currently touts a fleet of more than 2,000 tractors and 6,500 trailers.)
The Schenker acquisition capped a turnaround at USA Truck. It was operating at a loss during the 2019 freight recession and early on in the pandemic. Management decided to trim the fleet count by roughly 10%, which improved asset utilization and lowered its dependence on the spot market to keep trucks full.
The carrier returned to profitability by the back half of 2020 and posted an 87% adjusted operating ratio (inverse of operating margin) in its TL segment in the 2022 first quarter (the last period reported before the transaction was announced). The turnaround also reduced debt leverage from more than 4 times adjusted earnings before interest, taxes, depreciation and amortization to 1.7 times.
(The adjusted OR for the TL unit deteriorated to 95.3% in the 2022 second quarter – the beginning of the current freight recession.)
USA Truck’s results were being reported through Schenker U.S. Road operations, according to DSV filings. “These activities reported a net loss of DKK 90 million [$14 million] for Q3 2025,” DSV’s quarterly statement showed on Thursday.
“While change is a part of growth, our commitment to each other and to the customers we serve remains steadfast,” said USA Truck CEO George Henry, IV. “I’m deeply grateful for the strength, loyalty, and professionalism that define this team and am excited to see this team deploy their experiences to take our customers, suppliers and fellow team members forward.”
