Werner Enterprises announced Wednesday that it has acquired dedicated carrier FirstFleet for $245 million in cash. The deal adds over $615 million in annual revenue and more than 2,400 tractors to Werner’s existing dedicated fleet, making Werner the fifth-largest dedicated provider in the U.S. Werner’s (NASDAQ: WERN) existing dedicated fleet includes 4,865 units, which generated last 12 months’ revenue of $1.15 billion. Werner generates nearly $3 billion in consolidated annual revenue. Murfreesboro, Tennessee-based FirstFleet also has a fleet of 11,000 trailers and 37 facilities. The carrier’s customer list mostly includes grocery, baked goods and packaging companies. “By uniting FirstFleet’s expertise in complementary new verticals with our resources and nearly 5,000 Dedicated trucks, we will improve our competitive position and accelerate profitable growth,” said Derek Leathers, Werner’s chairman and CEO. … “Together, we are better positioned to drive tech-enabled solutions and deliver lasting value for our customers, drivers and shareholders.” window.googletag = window.googletag || {cmd: []}; googletag.cmd.push(function() { googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[300, 100], [320, 50], [728, 90], [468, 60]], ‘div-gpt-ad-1709668545404-0’).defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1709668545404-0’); }); Acquisition price$245M ($282.8M price tag includes $37.8M in real estate; potential $35M earnout)FirstFleet revenue run rate$615MWerner revenue run rate$3.6B (pro forma)Earnings expectationsimmediately accretiveOther acquisitions by WernerReedTMS, Baylor Trucking, Nehds Logistics, ECM Transport GroupTable: Company reports As part of the deal, Werner will acquire FirstFleet and its owned real estate (11 properties valued at $37.8 million) for approximately $282.8 million. Werner has identified $18 million in annual synergies. The acquisition is expected to be immediately accretive…
