Schneider National (CCJ Top 250, No. 6) has agreed to acquire Baltimore-based Cowan Systems (No. 54), LLC and its affiliates for $390 million. The deal is expected to close before year end.
At closing, Cowan Systems will operate as a wholly-owned subsidiary of Schneider.
Schneider has made big deals for large dedicated carriers in each of the last three years. In 2022 it acquired Midwest Logistics Systems and last year bought M&M Transport Services. Both carriers at the time were CCJ Top 250 fleets, nos. 103 and 148, respectively.
Schneider President and CEO Mark Rourke said this latest acquisition aligns with Schneider’s long-term vision to have customer-centric dedicated solutions as the cornerstone of its truckload segment, and by complementing its organic dedicated growth success with acquisitions, "we are broadening our presence to provide greater value to our customers and stakeholders. We look forward to collaborating with the talented team at Cowan Systems to drive our now shared mission forward.”
Cowan is primarily a dedicated contract carrier for producers of retail and consumer goods, food and beverage products, industrials, and building materials. The company has a portfolio of complementary services including brokerage, drayage and warehousing.
“My father started Cowan Systems more than 100 years ago, and with the expertise, passion and dedication of so many amazing employees along the way, it has grown in more ways than he could have ever imagined,” said Chairman Joe Cowan. “When it was time for me to move to a new chapter in my life, I wanted to be sure the organization was in good hands, at a company with a similar culture and values, and that it would continue to grow. With Schneider I know our legacy will not just be preserved, but it will continue to thrive.”
Cowan operates approximately 1,800 trucks and 7,500 trailers across more than 40 locations throughout the Eastern and Mid-Atlantic regions of the United States. The sale includes separate agreements to purchase certain real estate assets relating to Cowan Systems’ business for approximately $31 million in cash.
Post-closing, Schneider will operate more than 8,400 dedicated tractors, and dedicated trucks will make up approximately 70% of Schneider’s truckload fleet.
