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THE MORGAN GROUP, INC. ACQUIRES REGIONAL TRANSPORTATION COMPANY

 ELKHART, Ind., Nov. 1 /PRNewswire/ -- The Morgan Group, Inc. (NASDAQ: MRGN) today announced that through its principal operating subsidiary, Morgan Drive Away, Inc., it acquired the assets and accounts of Low Transportation Inc., a regional manufactured housing transportation company, based in Allegany, N.Y.
 This transaction is subject to approval by the Interstate Commerce Commission (ICC).
 Low Transportation moves homes manufactured by Fleetwood Enterprises, Inc., Champion Home Builders, Commodore Corp., Liberty Homes, Pine Grove Homes and New Era Homes and acts as the exclusive transportation carrier for a consortium of manufactured housing retailers in the Northeastern United States.
 "This acquisition is part of our ongoing strategy to grow through acquiring regional and national firms that compete directly with The Morgan Group in our manufactured housing and RV transport service businesses," said Charles C. Baum, chairman and chief executive officer of The Morgan Group Inc. "It is also our intention to utilize Morgan's automation capabilities and management experience to improve efficiencies and expand services to new and existing customers and to our drivers and independent contractors."
 "We expect the acquisition of Low Transportation to add volume approaching $2 million annually," added Philip J. Ringo, Morgan's president. "This acquisition, as well as our acquisition in June of Transamerican Carriers, Inc., a similar business operating in the Southeast, is expected to positively impact next year's earnings per share. We are also very pleased that Len Brown, the owner of Low Transportation, will join Morgan Drive Away after the transaction is complete."
 The Morgan Group, Inc. is a leader in providing transportation services to the manufactured housing and recreational vehicle industries. Through a national network of approximately 1,000 independent owner-operators and 830 part-time drive-away employees, in 113 offices in 34 states, Morgan matches drivers with shipments from customers including Fleetwood Enterprises, Inc., Cavalier Homes, Inc., Oakwood Homes Corporation, Glaval Corporation and Winnebago Industries, Inc. In addition to manufactured homes and recreational vehicles, the company also transports commercial vehicles and office trailers and provides certain insurance services to its owner-operators through its insurance subsidiary, Interstate Indemnity Company.
 -0- 11/1/93
 /CONTACT: Charles C. Baum, chairman of the board and CEO, of The Morgan Group, 410-566-9200/
 (MRGN)


CO: The Morgan Group, Inc.; Morgan Drive Away, Inc.; Low Transportation
 Inc. ST: Indiana, New York IN: TRN SU: TNM


MK-MS -- PH004 -- 8961 11/01/93 08:32 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:392
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