Werner Enterprises Acquires First Enterprises For ~$245M In Cash

Werner Enterprises, Inc. (Nasdaq: WERN), a premier transportation and logistics provider, today announced it has acquired privately owned Dedicated trucking company, First Enterprises, Inc. ("FirstFleet"), for approximately $245 million in cash. Werner will also separately acquire real estate properties directly from FirstFleet. The acquisition establishes Werner as the fifth-largest Dedicated carrier in the U.S., meaningfully increases revenues from its higher-margin Dedicated division and delivers immediate accretion to earnings per share ("EPS").

Headquartered in Murfreesboro, Tennessee, FirstFleet has sustained profitable growth over four decades and cultivated deep relationships with top-tier customers under multi-year contracts, with an average 17-year tenure among their top 10 customers. FirstFleet brings significant added scale to Werner with approximately 2,400 tractors, 11,000 trailers and 37 strategically located properties near 130 customer sites around the country. FirstFleet has unique capabilities to service attractive and durable end markets such as grocery, bakery goods and corrugated packaging.