Australian transport and logistics company Wettenhalls has been sold in a management buyout, saving nearly 200 jobs.

Wettenhalls Group had been placed in voluntary administration and receivership last month but receivers have announced a deal to keep the Wettenhalls trucking business moving.

"It was clear there was a future for this business if we could bring together the new management team with a restructure and a buyer within a short timeframe," Brendan Richards, a partner with receiver Ferrier Hodgson, said in a statement on Wednesday.

"The new management team had a clear vision of how this business could succeed and worked with us to deliver this excellent result."

Mr Richards said about 200 jobs were expected to be saved after the company last week closed its express business and sold its Warrnambool business to Westvic Container Export Services.

Founded in 1925, the privately-owned Wettenhalls once employed nearly 500 people at more than a dozen sites across the country.