~$206M+ disclosed plus two undisclosed-price deals across 4 transactions — Werner grew organically for decades, then executed a concentrated 2021-2022 acquisition wave to add short-haul, final mile and asset-light brokerage capacity.
Active acquisition years
2021 · 2022
two acquisitions in each of two consecutive years, after decades of organic growth.
Primary sectors
Trucking and logistics
regional truckload (ECM Transport), final mile big-and-bulky home delivery (NEHDS / Werner Final Mile), one-way truckload (Baylor Trucking) and asset-light freight brokerage (ReedTMS).
Verified4 deals on this page · sourced from SEC filings
All cross-references covered.
Timeline
4 deals, $206M deployed.
Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.
The playbook
The rationale that repeats.
Three patterns show up across WERNER ENTERPRISES's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.
01
Acquisition criteria
Organic for decades, then a deliberate acquisition wave.
Werner built one of the nation's largest truckload fleets almost entirely through organic growth, with no material acquisitions disclosed for most of its public history. That changed in 2021-2022, when the company closed four acquisitions in roughly 16 months - ECM Transport, NEHDS, Baylor Trucking and ReedTMS - each tied explicitly to its '5 Ts + S' and later Werner DRIVE strategies.
ECM Transport Group (ECM Associated, LLC)NEHDS LogisticsBaylor Trucking, Inc. (FAB9, Inc.)ReedTMS Logistics (Reed Transport Services, Inc. and RTS-TMS, Inc.)
02
Capital deployment
Capability and capacity tuck-ins across distinct freight modes.
Rather than consolidating peers, Werner targeted specific gaps: ECM added regional short-haul truckload and drivers in the Mid-Atlantic and Northeast; NEHDS added final mile big-and-bulky home delivery (rebranded Werner Final Mile); Baylor added one-way and expedited dry van capacity in the central U.S.; and ReedTMS added a large asset-light freight brokerage platform. Each deal was framed as accretive in year one.
ECM Transport Group (ECM Associated, LLC)NEHDS LogisticsBaylor Trucking, Inc. (FAB9, Inc.)ReedTMS Logistics (Reed Transport Services, Inc. and RTS-TMS, Inc.)
03
Integration approach
Keep the brand, keep the people, run it as a standalone unit.
Across all four deals Werner retained the acquired company's brand and leadership and operated each as a standalone business unit, citing driver retention and cultural fit. ECM founder Ed Meier, Baylor president Cari Baylor and the Reed family all stayed on, and Werner consistently emphasized buying-power and fleet-management synergies over headcount reduction.
ECM Transport Group (ECM Associated, LLC)NEHDS LogisticsBaylor Trucking, Inc. (FAB9, Inc.)ReedTMS Logistics (Reed Transport Services, Inc. and RTS-TMS, Inc.)
Deal book · 4 acquisitions
The full deal book.
4 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.
Werner signed a definitive agreement and closed on the acquisition of an 80% equity ownership stake in ECM Transport Group for a purchase price of $142.4 million, retaining an exclusive option to buy the remaining 20% after five years. ECM consists of ECM Transport and Motor Carrier Services of Pennsylvania, elite regional truckload carriers that operate nearly 500 trucks and 2,000 trailers across a network of 8 terminals and 18 drop yard facilities in the Mid-Atlantic, Ohio and Northeast. ECM achieved 2020 revenues of $108 million with an operating margin of 19.8%.
Why it was attractive
01Increased exposure to the 200-300 mile length-of-haul segment
02addition of over 500 highly-skilled tenured drivers in a constrained labor market
03extremely low driver turnover
04and a terminal footprint complementary to Werner's existing network
Capabilities acquired
Regional short-haul truckload carriage200-300 mile length-of-haul coverageterminal and drop-yard network across the Mid-Atlantic/Ohio/Northeasttenured driver base
The addition of ECM's skilled drivers, non-driver associates and terminal network strengthens our portfolio by adding short-haul expertise in a segment in which consumer demand and supply chain needs are growing. This transaction delivers on our '5 Ts + S' strategy and will position us for further growth as we capitalize on positive market dynamics for the remainder of 2021 and beyond.
Derek LeathersChairman, President and Chief Executive Officer, Werner Enterprises
Werner signed a definitive agreement and closed on the acquisition of 100% of the equity interests in NEHDS Logistics, LLC, based in Monroe, Connecticut, for a purchase price of $64 million including a $4 million earnout. NEHDS is a final mile residential delivery provider operating a fleet of over 400 delivery trucks primarily in the Northeast and Midwest U.S., delivering big and bulky products (primarily furniture and appliances) using 2-person delivery teams through a network of 19 cross-dock, warehouse and customer facilities. NEHDS achieved annual revenues of $71.4 million for the twelve months ended September 2021 with a three-year average revenue growth rate of 27%.
Why it was attractive
01A growing final mile market leader with asset and employee-based operations experienced in complex big-and-bulky deliveries
02complementing Werner's existing national independent-contractor agent network
Capabilities acquired
Final mile big-and-bulky home delivery2-person delivery teamsresidential and commercial deliveriescross-dock/warehouse network across the Northeast and Midwest
The addition of the NEHDS operations, management team, talented staff and strong customer relationships to the Werner family represents a significant step forward in our Final Mile delivery program. The combination of award winning service that NEHDS provides to its clients, along with the comprehensive portfolio of trucking capability, final mile logistics services and technology will bring the Werner and NEHDS customer base many advantages.
Derek LeathersChairman, President and Chief Executive Officer, Werner Enterprises
Werner signed a definitive agreement and closed on the acquisition of FAB9, Inc., doing business as Baylor Trucking, Inc. Founded in 1946 and based in Milan, Indiana, Baylor is a premier truckload carrier operating 200 trucks (170 company and 30 independent contractor) and 980 trailers across the east central and south central U.S. through a network of two terminals. Baylor's freight revenue mix is one-way dry van (51%), expedited dry van (42%) and refrigerated (7%). Baylor achieved revenues of $81.5 million for the twelve months ended August 31, 2022.
Why it was attractive
01Addition of 234 highly-skilled
02tenured professional drivers and a 980-trailer fleet
03increasing Werner's fleet size by 2.4%
04with a culture intensely focused on safety and superior customer service
Capabilities acquired
One-way and expedited dry van truckloadrefrigerated freighteast central and south central U.S. coveragetenured professional driver base
Baylor, with its highly-skilled professional drivers and non-driver associates, further strengthens our portfolio with their exceptional service and stellar reputation. I have known Cari Baylor for many years and I have tremendous respect for what Cari, her family and her leadership team have created at Baylor. This acquisition delivers on our Werner DRIVE strategy and will position us for further growth.
Derek LeathersChairman, President and Chief Executive Officer, Werner Enterprises
I have admired and respected Werner for a long time as an industry leader. We are extremely excited to join the Werner team and look forward to continued growth as we leverage the strengths of Baylor and Werner to serve our existing and new customers at even higher levels.
Cari BaylorPresident, Baylor Trucking
Werner signed a definitive agreement and closed on the acquisition of 100% of the stock of Reed Transport Services, Inc. and RTS-TMS, Inc., doing business as ReedTMS Logistics. Founded in 1996 and based in Tampa, Florida, ReedTMS is a leading asset-light logistics provider and truckload carrier offering freight brokerage and truckload solutions to a diverse customer base. ReedTMS generated revenues of $372 million for the twelve months ended September 30, 2022 (90% freight brokerage, 10% trucking), serving more than 800 customers with two-thirds of revenue in the food and beverage industries, an extensive brokerage network of 19,000 active and 70,000 approved carriers, and a 28% revenue CAGR over the prior five years.
Why it was attractive
01A large asset-light logistics platform with minimal customer overlap with Werner
02two-thirds of revenue in stable food and beverage verticals
03top-10 customers averaging eight years of tenure
We are thrilled to welcome the accomplished ReedTMS team to Werner. ReedTMS Logistics further strengthens our freight brokerage capabilities. ReedTMS will elevate our logistics portfolio with new customers, by expanding and diversifying our industry verticals. This transaction continues to build upon our Werner DRIVE strategy and positions us for future profitable growth.
Derek LeathersChairman, President and Chief Executive Officer, Werner Enterprises
We are excited to join the Werner team, who we have always considered an industry leader. Werner will enable us to achieve key goals, including creating broader opportunities for our associates, expanding our service capabilities for our customers and helping us continue our quest to leverage best in class technology solutions.
Jason ReedCEO, ReedTMS Logistics
End of deal book
4 acquisitions
·$206M deployed
·2021 — present
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