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Green Bay, Wisconsin, January 4, 2022 (Global News Service)–Schneider (New York Stock Exchange ticker:SNDR), a major provider of transportation, multimodal transportation and logistics services, today announced that the company is expanding its dedicated business by acquiring Midwest Logistics Systems (MLS), a trucking company based in Ohio.
MLS is a leading dedicated carrier with more than 1,000 professional drivers and operating 900 tractors in 30 locations in the central United States.
Schneider has acquired a 100% stake in MLS. The operator will operate as an independent subsidiary of Schneider. The professional drivers and employees of MLS will continue to operate under the name of MLS.
“Preserving the identity of MLS is crucial. The family nature of this airline coupled with its strong culture and customer service make it a valuable contributor to the development of Schneider’s specialized business,” said Schneider’s President and CEO Mark Locke. “Through this acquisition, we believe Schneider is expected to generate US$1 billion in annual revenue in our dedicated business with more than 5,000 trucks.”
MLS’s annual revenue is approximately US$205 million*, and the acquisition is expected to immediately increase Schneider’s earnings per share. Starting in the first quarter of 2022, MLS’s financial performance will be reported in the dedicated business as part of the truck loading segment.
“Schneider is a mature company with a high degree of cultural fit,” said Dave DeMoss, vice president of MLS. “We are delighted to be a key part of Schneider’s dedicated growth strategy.”
The enterprise value of the transaction is approximately US$263 million. Schneider funds the transaction with cash on hand. Scopelitis, Garvin, Light, Hanson & Feary acted as Schneider’s transaction and legal advisors, and Frost Brown Todd acted as Midwest Logistics Systems, Ltd.’s transaction and legal advisors.To learn more about the transaction, please visit Investor.schneider.com. To learn more about Schneider, please visit"https://www.globenewswire.com/Tracker?data=srK2rnGqjVSYC1MSJFvO7ppInG9TN1cU-SFLrszyQYRx7nrHxxKURsM0PUfKRgPpLBbc9dPxmK69B5mMMWZiNQ==" Relative ="Not following" Goal="_Blank" …
The full story on Benzinga.com
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