Miller Industries Buys Speed’s Towing

Speed’s Towing, one of the nation’s largest towing companies, has agreed to sell its towing operations to Miller Industries Inc., an Atlanta company trying to build a national towing network.

Terms of the purchase, which is expected to close in 30 to 45 days, were not disclosed.

The acquisition is part of a $66.5 million deal involving stock, cash and assumed debt in which publicly held Miller bought 18 tow companies with combined annual revenues of $56 million.

Miller Industries plans to launch its national towing service under the name Road One, said Chief Executive Officer Adam Dunayer.