Transport America, the Eagan transportation and logistics firm, aims to raise about $75 million in an initial public offering.
The provider of truckload transportation and logistics services to shippers located in the United States and Mexico filed an S-1 statement with the Securities and Exchange Commission late Tuesday.
The company said it plans to use proceeds of the offering to retire long-term debt, including $7.6 million of subordinated debt owed to its largest shareholder, Transport Investors, which is owned by Goldner Hawn Johnson & Morrison, a Minneapolis-based private equity firm.
The trucking company will use remaining proceeds to pay off equipment financing notes to various banks and lenders.
Transport America posted revenues of $363.5 million and net income of $3.9 million for the year ended Dec. 31, 2012. For the nine months ended Sept. 30, 2013, the company reported revenue of $263.5 million and net income of $5.4 million.
The company was started in 1984 and acquired by Goldner Hawn Johnson & Morrison in 2006. It has approximately 1,500 tractors, 4,400 trailers and 12 terminals.
The current management team is led by CEO Scott Arves, who spent 27 years with Schneider National.
The offering is being underwritten by Robert W. Baird & Co. and Stifel, Nicolaus & Co. The number of shares and offering price have yet to determined. Transport America has applied for the Nasdaq ticker symbol TRAM.
Only two Minnesota companies have completed IPOs in 2013: Eagan-based Norcraft Companies Inc. and BioAmber Inc., of Plymouth.