Werner Enterprises (CCJ Top 250, No. 14) has acquired Murfreesboro, Tenn.-based FirstFleet (No. 48) in a deal valued at approximately $245 million.
The move, which includes an additional $37.8 million purchase of real estate assets, positions Werner as the country's fifth-largest dedicated carrier. By absorbing the formerly privately owned FirstFleet, Werner significantly bolsters its presence in high-margin, resilient sectors like grocery, baked goods, and corrugated packaging.
The acquisition also reshapes Werner’s portfolio, shifting the weight of its Truckload Transportation Services (TTS) toward long-term, stable contractual business.
“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 Werner’s Chairman and CEO, Derek Leathers. “We have found a strong cultural fit with a shared commitment to safety, service and innovation. Together, we are better positioned to drive tech-enabled solutions and deliver lasting value for our customers, drivers and shareholders.”
The addition of FirstFleet’s 2,400 tractors and 11,000 trailers brings Werner’s total dedicated fleet to approximately 7,365 trucks. Werner also gains 37 strategic properties, primarily across the eastern U.S., enhancing its network density and fixed-cost absorption.
FirstFleet arrives with a pristine financial track record, boasting over $615 million in annual revenue and a top-tier customer base with an average tenure of 17 years.
Werner plans to retain the majority of FirstFleet’s management team and will continue to operate the business as a unit within its TTS segment. The headquarters will remain in Murfreesboro, Tennessee, ensuring stability for the staff and the 130 customer sites FirstFleet currently services.
"In choosing to combine with Werner, we are joining a leader in our industry with a proud history of caring deeply about its associates," said Paul Wilson, co-owner of FirstFleet. "Our team strongly believes this transaction is an excellent opportunity to leverage best-in-class technology."
