North American logistics provider, Werner Enterprises, Inc. has acquired the dedicated trucking company, First Enterprises, Inc. (“FirstFleet”), for approximately $245 million in cash.
Werner will also separately acquire real estate properties directly from FirstFleet, resulting in Werner becoming the fifth-largest Dedicated carrier in the US.
The acquisition increases revenues from its higher-margin Dedicated division and delivers immediate accretion to earnings per share (“EPS”).
Established in 1986 and headquartered in Murfreesboro, Tennessee, FirstFleet has sustained profitable growth over four decades and cultivated deep relationships with top-tier customers under multi-year contracts, with an average 17-year tenure among their top 10 customers.
FirstFleet brings added scale to Werner with approximately 2,400 tractors, 11,000 trailers and 37 strategically located properties near 130 customer sites around the country. FirstFleet is well-known for its service of durable end markets, such as grocery, bakery goods and corrugated packaging.
“Powered by the talent of our combined associates, this partnership comes at the ideal moment for our company,” said Werner’s Chairman and CEO, Derek Leathers.
“By uniting FirstFleet’s expertise in complementary new verticals with our resources and nearly 5,000 Dedicated trucks, we will improve our competitive position and accelerate profitable growth.
“We have found a strong cultural fit with a shared commitment to safety, service and innovation. Together, we are better positioned to drive tech-enabled solutions and deliver lasting value for our customers, drivers and shareholders.”
Werner said that with more than $615 million USD in annual revenues and consistent operating income margins, FirstFleet is expected to be immediately accretive to Werner’s EPS, with even greater earnings uplift expected within the first two years as approximately $18 million USD in annual synergies are realised.
With FirstFleet’s strong track record of cash flow conversion, Werner also expects the transaction to increase free cash flow.
Werner said the acquisition offers a range of strategic advantages for customers, associates and shareholders, including:
- Accelerating Werner’s portfolio mix emphasis in Dedicated: Over the past several years, Werner has been strategically expanding the percentage of Truckload Transportation Services (“TTS”) revenues generated by its higher-margin, long-term contractual Dedicated business. With the addition of FirstFleet, Werner is expected to grow its Dedicated revenues by approximately 50 per cent and become North America’s fifth-largest Dedicated carrier by power units. The transaction also increases Werner’s share in more resilient categories such as grocery and baked goods.
- Expanding Werner’s Scale and Network Density: As of September 30, 2025, the combined company had approximately 7,365 total Dedicated trucks and nearly 40,000 trailers. With FirstFleet’s highly complementary geographic footprint across the eastern half of the US, Werner expects to benefit from greater fixed cost absorption, purchasing power, asset utilization and selling an expanded solution-set to FirstFleet and Werner customers.
“Since 1986, FirstFleet has delivered exceptional growth by treating our team members and customers like family,” said Paul Wilson, one of FirstFleet’s owners.
“In choosing to combine with Werner, we are joining a leader in our industry with a proud history of caring deeply about their associates and customers.
“Our team has long admired Werner’s leadership, and we strongly believe this transaction is an excellent opportunity to leverage best-in-class technology and deliver significant value to all our stakeholders.”
Derek Leathers added: “We are confident that, with the addition of the FirstFleet team, Werner will be stronger and even better positioned to serve our loyal customers and capitalize on profitable growth opportunities as market conditions continue to improve.”
FirstFleet will operate as a business unit within Werner’s TTS segment, complementing the existing Dedicated division.
Transaction Details
Under the terms of the agreement, Werner will acquire FirstFleet and the real estate properties for a total of approximately $282.8 million USD.
The real estate includes 11 properties for $37.8 million USD. The transaction will be funded using operating cash on hand and Werner’s existing revolving credit facility.
Werner plans to retain the majority of FirstFleet’s management and maintain its headquarters in Murfreesboro.
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