US-based transport and logistics company, Werner Enterprises, has closed a majority-share acquisition for $142.4 million USD (approx. €120.7 million).
Werner has purchased an 80 per cent stake in ECM Transport Group (ECM) and retains an exclusive option to buy the remaining 20 per cent of ECM after a period of five years.
With 2020 revenues of $108 million USD (approx. €91.6 million), ECM comprises ECM Transport and Motor Carrier Services of Pennsylvania – elite regional truckload carriers that operate nearly 500 trucks and 2,000 trailers in their network of eight terminals and 18 drop yard facilities.
“The addition of ECM’s skilled drivers, non-driver associates and terminal network strengthens our portfolio by adding short-haul expertise in a segment in which consumer demand and supply chain needs are growing,” said Werner Enterprises Chairman, President and CEO, Derek Leathers.
“This transaction delivers on our ‘5 Ts + S’ strategy and will position us for further growth as we capitalise on positive market dynamics for the remainder of 2021 and beyond.
“We expect this transaction to be accretive in year one and anticipate cost synergies through integrated management of our combined fleet.”
“Both companies believe deeply that our professional drivers are the backbone of our organisations. We look forward to welcoming the ECM team and working together to create additional value for our customers and shareholders,” he said.
ECM President, Ed Meier, said: “We are excited to join the Werner team and look forward to continued growth as we leverage our collective strengths to serve our existing and new customers at even higher levels. We are standing by our existing customers and will continue to provide them with excellent service. Werner shares our passion for delivering value and continually creating personal and professional opportunities for our accomplished team of professional drivers and non-driver associates.”
In 2020, Werner Enterprises was a recipient of the ‘Top Companies for Women to Work For in Transportation’ award.