Werner Enterprises acquires FirstFleet for $245M; expands Dedicated trucking

WERNER ENTERPRISES INC

Acquisition price $245M cash, plus up to $35M earnout; $37.8M for separate real estate.
FirstFleet has $615M annual revenue, 2,400 tractors, 11,000 trailers; Werner becomes 5th largest Dedicated carrier.
Deal expected immediately accretive to EPS; ~$18M annual synergies within two years.
Funded via cash on hand and revolving credit; FirstFleet to operate as unit within TTS segment.
Werner retains majority of FirstFleet management; headquarters in Murfreesboro, TN.

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