GREEN BAY — Schneider, a provider of transportation, intermodal and logistics services, announced it has acquired Ohio-based truckload carrier, Midwest Logistics Systems.
Schneider has acquired 100% of the equity interest in MLS, a leading dedicated carrier with more than 1,000 professional drivers operating 900 tractors across 30 central U.S. locations. MLS will run as an independent subsidiary of Schneider and 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 the acquisition, Rourke said Schneider is on track to generate $1 billion in annual revenue in its 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.”
The enterprise value of the transaction was approximately $263 million. Schneider financed the transaction through cash on hand. Scopelitis, Garvin, Light, Hanson & Feary served as Schneider’s transaction and legal advisor and Frost Brown Todd served as Midwest Logistics Systems, Ltd.’s transaction and legal advisor. To learn more about the transaction, go to investors.schneider.com.
