American multimodal logistics company, Schneider National, has entered into a definitive agreement to acquire Cowan Systems and affiliated entities.
Cowan is a contract carrier with a portfolio of complementary services including brokerage, drayage and warehousing. The purchase price of approximately $390 million (USD) is subject to certain adjustments.
Based in Baltimore, Maryland, Cowan Systems customers include leading producers of retail and consumer goods, food and beverage products, industrials and building materials. The company operates approximately 1,800 trucks and 7,500 trailers across more than forty locations throughout the Eastern and Mid-Atlantic regions of the United States.
Cowan Systems, founded in 1924, has a history of consistent growth. Upon closing, Cowan Systems will operate as a wholly owned subsidiary of Schneider, continuing a successful trajectory with its associates and trusted brand.
“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 organisation 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.”
The acquisition will further complement Schneider’s dedicated organic growth success. Including Cowan Systems, Schneider will operate over 8,400 dedicated tractors – approximately 70 per cent of Schneider’s truckload fleet – cementing its place as one of the largest dedicated providers in the transportation industry.
“This acquisition aligns with Schneider’s long-term vision to have customer-centric dedicated solutions as the cornerstone of its Truckload segment,” said Schneider President and CEO Mark Rourke. “By complementing our organic dedicated growth success with transactions like this, we are broadening our presence to provide greater value to our customers and stakeholders.”
In other news, Marcotran, has added 30 new Schmitz Cargobull semi-trailers to its fleet.