Werner Enterprises Buys Stability With FirstFleet

Werner is doubling down on the steady lane, announcing a cash acquisition of FirstFleet plus a separate real-estate purchase that together total about $282.8 million. Werner is buying Firstfleet for $245 million and their real estate, which includes 11 properties valued at $37.8 million. The deal will be funded with operating cash on hand and Werner’s existing revolving credit facility. FirstFleet will operate as a business unit inside Werner’s Truckload Transportation Services (TTS) segment, complementing its existing Dedicated division.

This is Werner leaning harder into the part of trucking that prefers long-term commitments. FirstFleet has built multi-year contract relationships - including an average 17-year tenure among its top 10 customers. It operates at scale with about 2,400 tractors, 11,000 trailers, and 37 properties near approximately 130 customer sites across the country. Werner also highlighted FirstFleet’s exposure to end markets like grocery, bakery goods, and corrugated packaging — the kind of demand profile that tends to keep rolling even when the macro gets dramatic.

FirstFleet has more than $615 million in annual revenues, and Werner expects the transaction to be immediately accretive to EPS, with greater uplift within two years as roughly $18 million in annual synergies are realized. Werner says the acquisition should grow its Dedicated revenues by about 50% and increase free-cash flow.

Werner didn’t just buy “more trucks” — it bought a ready-made set of long-term contracts, a bigger network footprint, and even some real estate. This move positions Werner to be the fifth-largest dedicated carrier in the United States, and CEO Derek Leathers framed it as coming at an “ideal moment,” saying the combined company should be better positioned to accelerate profitable growth and “deliver lasting value” for shareholders as market conditions improve.

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