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.
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