GREEN BAY, Wis. — Transportation and logistics giant Schneider has acquired Ohio-based truckload carrier Midwest Logistics Systems (MLS) for $263 million.
MLS, a dedicated carrier with more 1,000 professional drivers, operates 900 tractors across 30 central U.S. locations.
Schneider has acquired 100% of the equity interest in MLS, according to a Schneider news release.
The carrier will run as an independent subsidiary of Schneider. MLS professional drivers and associates will continue to operate under the MLS name.
“Preserving the MLS identity is essential,” said Schneider President and CEO Mark Rourke.
“The carrier’s family-owned nature combined with its strong culture and customer service make it a valuable contributor for growing Schneider’s dedicated operations. With this acquisition, we believe Schneider is on track to generate $1 Billion in annual revenue in our dedicated operations with over 5,000 trucks.”
MLS annual revenues are approximately $205 million, and the acquisition is expected to be immediately accretive to Schneider’s earnings per share. MLS financial results will be reported in dedicated operations as part of the Truckload segment beginning in the first quarter of 2022.
“Schneider is a well-established company and a great cultural fit,” said MLS Vice President Dave DeMoss. “We are excited to be a key component to Schneider’s dedicated growth strategy.”
According to the news release, Schneider financed the transaction through cash on hand.
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