Omaha, Nebraska-based Werner Enterprises, Inc. today announced it has acquired privately-owned dedicated trucking company, First Enterprises, Inc., for about $245 million in cash.
The acquisition establishes Werner as the fifth-largest dedicated carrier in the U.S., meaningfully increases revenues from its higher-margin dedicated division and delivers immediate accretion to earnings per share.
FirstFleet will operate as a business unit within Werner’s TTS segment, complementing the existing dedicated division.
Under the terms of the agreement, Werner will acquire FirstFleet and the real estate properties for a total of about $282.8 million. The real estate includes 11 properties for $37.8 million. 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.
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, according to a statement from Werner. FirstFleet brings significant added scale to Werner with about 2,400 tractors, 11,000 trailers and 37 strategically located properties near 130 customer sites around the country.
Werner said FirstFleet has unique capabilities to service attractive and 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. 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,” said Werner’s Chairman and CEO, Derek Leathers. “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.”
Beyond the strong financial alignment, this combination 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 about 50% and become North America’s fifth-largest dedicated carrier by power units, according to Werner’s statement. 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 Sept. 30, 2025, the combined company had about 7,365 total dedicated trucks and nearly 40,000 trailers. With FirstFleet’s highly complementary geographic footprint across the eastern half of the U.S., Werner expects to benfiet 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.”
“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,” said Leathers.
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