Werner Enterprises announces acquisition of FirstFleet, in move to expand its dedicated service offerings
Summary
Werner Enterprises has agreed to acquire Murfreesboro, Tennessee-based FirstFleet (First Enterprises Inc.) to broaden its dedicated truckload services. The cash purchase price is about $245 million, with an additional acquisition of 11 real estate properties valued at $37.8 million — bringing the total deal consideration to roughly $282.8 million. Werner says the deal makes it the fifth-largest U.S.-based dedicated trucking provider and will keep FirstFleet’s headquarters and most of its management team in Tennessee.
FirstFleet operates more than 2,400 power units and 11,000 trailers, serves customers across the contiguous U.S., and specialises in resilient end markets such as grocery, baked goods and corrugated packaging. The company generated over $615 million in revenue for the 12 months ended 30 September 2025. Werner expects the acquisition to increase its trailing combined revenues from about $3.0 billion to $3.6 billion and to boost Dedicated revenues by roughly 50%.
Werner leaders characterised the transaction as strategically accretive — increasing scale and density in the eastern U.S., improving asset utilisation and purchasing power, enabling cross-selling, and delivering immediate EPS accretion while maintaining modest leverage.
Key Points
- Acquisition cash price: approximately $245 million; total consideration including real estate: roughly $282.8 million (11 properties valued at $37.8 million).
- FirstFleet scale: ~2,400 power units, ~11,000 trailers, 37 strategically located properties near about 130 customer sites.
- FirstFleet trailing revenue: more than $615 million for the 12 months ended 30 September 2025.
- Combined impact: Werner’s trailing revenues rise from ~£3.0 billion to ~£3.6 billion (US$ figures reported); Dedicated revenues expected to increase by about 50%.
- Post-deal footprint: combined operation to run roughly 7,365 Dedicated trucks and nearly 40,000 trailers with an east-focused complement to Werner’s network.
- Strategic benefits: improved cost efficiency, asset utilisation, purchasing power, cross-selling opportunities and greater exposure to resilient sectors (grocery, baked goods, corrugated packaging).
- People and governance: Werner plans to retain the majority of FirstFleet’s management and keep FirstFleet’s headquarters in Tennessee.
- Financial positioning: Werner says the deal is immediately accretive to EPS and maintains modest leverage — presented as a shareholder-friendly strategic move ahead of anticipated market recovery.
Author style
Punchy: this is a clear strategic bolt-on. Werner isn’t just buying trucks — it’s buying density, customer relationships and a specialty footprint that lifts its Dedicated business into the top five. Read the detail if you track carrier M&A, capacity shifts or margin mix in truckload markets; the numbers matter.
Why should I read this?
Short version — Werner just snapped up a big dedicated operator at what management says is an attractive point in the cycle. If you care about carrier market share, Dedicated product growth, or where capacity will sit when rates firm, this deal changes the map. It’s a useful heads-up for shippers, investors and competitors. Worth a skim if you want the headlines; dig into the figures if you’re planning strategy.