Transportation and logistics company Werner Enterprises announced Monday it has signed an agreement to acquire ReedTMS Logistics (ReedTMS).
ReedTMS is a leading asset-light logistics provider and truckload carrier offering freight brokerage and truckload solutions to its customer base. Werner Enterprise said the acquisition would strengthen the company’s freight brokerage capabilities and position the company for future growth.
“We are thrilled to welcome the accomplished ReedTMS team to Werner. ReedTMS Logistics further strengthens our freight brokerage capabilities,” said ReedTMS Chairman, President and CEO Derek Leathers. “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. We expect this acquisition to be accretive to diluted earnings per share in year one.”
For the year ending Sept. 30, 2002, ReedTMS had revenues of $372 million – the overwhelming majority from freight brokerage. The company will operate as a standalone business unit within Werner and will report its freight brokerage business to Werner Logistics and report its truckload financial results to Werner’s Truckload Transportation Services segment.
“We are excited to join the Werner team, who we have always considered an industry leader,” said Jason Reed, CEO of ReedTMS Logistics. “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 for our associates, customers, suppliers, and other stakeholders.”
A slide presentation and recording of a conference call discussing the acquisition will be available on the company’s website.