Schneider (CCJ Top 250, No. 8) announced Tuesday it is growing its dedicated operations with the acquisition of Ohio-based truckload carrier Midwest Logistics Systems (No. 103). MLS has more than 1,000 truck drivers and operates 900 tractors across 30 central U.S. locations.
Schneider has acquired 100% of the equity interest in MLS for approximately $263 million, which Schneider financed through cash on hand. The Celina, Ohio, carrier will run as an independent subsidiary of Schneider, and MLS drivers and associates will continue to operate under the MLS name.
“Preserving the MLS identity is essential," said Schneider President and CEO Mark Rourke. "The carrier’s family-owned nature combined with its strong culture and customer service make it a valuable contributor for growing Schneider’s dedicated operations. With this acquisition, we believe Schneider is on track to generate $1 billion in annual revenue in our dedicated operations with over 5,000 trucks.”
MLS annual revenues are approximately $205 million, and the acquisition is expected to be immediately accretive to Schneider’s earnings per share, according to the company. MLS financial results will be reported in dedicated operations as part of the truckload segment beginning in the first quarter this year.
“Schneider is a well-established company and a great cultural fit," said MLS Vice President Dave DeMoss. “We are excited to be a key component to Schneider’s dedicated growth strategy.”
Last year was a buyer's market for CCJ's Top 250 fleets, with the likes of Knight-Swift, Hub Group and P&S Transportation among the many carries making moves. Less than a week into the new year, acquisitions continue with Bison this week snapping up Maine-based Hartt Transport.