Werner Enterprises, Inc. has just announced its acquisition of FirstFleet, Inc., a dedicated trucking company, for approximately $245 million in cash and separately acquiring real estate properties. This move positions Werner as the fifth-largest dedicated carrier in the U.S., significantly increasing revenues from its higher-margin dedicated division.
FirstFleet brings substantial added scale to Werner, with approximately 2,400 tractors, 11,000 trailers, and 37 strategically located properties near 130 customer sites across the country. With more than $615 million in annual revenues and consistent operating income margins, FirstFleet is expected to be immediately accretive to Werner’s earnings per share (EPS), with an additional $18 million in annual synergies expected within the first two years post-acquisition.
The acquisition also accelerates Werner’s portfolio mix emphasis in dedicated, with an estimated 50% growth in dedicated revenues and an increase in its share in more resilient categories such as grocery and baked goods. As of September 30, 2025, the combined company had approximately 7,365 total dedicated trucks and nearly 40,000 trailers.
The transaction, funded using operating cash on hand and Werner’s existing revolving credit facility, also includes the retention of the majority of FirstFleet’s management and maintaining its headquarters in Murfreesboro.
The acquisition will be discussed in a conference call beginning at 9:30 a.m. CT today.
Today the company's shares have moved -1.19% to a price of $33.14. Check out the company's full 8-K submission here.
