Werner Enterprises (CCJ Top 250, No. 13) has acquired Milan, Indiana-based truckload carrier Baylor Trucking. Financial terms were not disclosed.
Baylor, a four-time Walmart carrier of the year and in 2021 was named Diversity carrier of the year for the second time, operates from two terminals in the east central and south central U.S. Baylor celebrated its 75th anniversary in 2020.
Werner will take on 200 trucks (170 company and 30 independent contractors) and 980 trailers in the deal, along with 234 drivers, boosting the Werner fleet size by almost 2.5%.
“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,” Werner President and Chief Executive Officer Derek Leathers said of current Baylor Trucking President who, along with her staff, will remain in their respective roles post-acquisition, “and we are retaining the Baylor brand to ensure smooth integration and high driver retention.”
Baylor will operate as a standalone business unit within Werner, and its financial results will report within Werner’s One-Way Truckload unit within its Truckload Transportation Services. There are synergies between Baylor and Werner’s One-Way Truckload unit, as more than half (51%) of Baylor’s freight is one-way dry van (51%); 42% is expedited dry van; and 7% refrigerated.
“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,” said Cari Baylor. “We will stand by our customers and continue to provide them with the superior service they expect from Baylor. Aligning with Werner only expands our service capabilities. Werner shares our passion for delivering value and continually creating personal and professional opportunities for our elite Baylor team.”
This year has been a hot one for acquisitions among CCJ‘s Top 250 for-hire carriers. There have been 18 deals among the group since the beginning of June, and 26 Top 250 fleets have struck 26 deals this year.
[Related: 2022 CCJ Top 250 carriers boost revenues in a tight market]
Baylor marks Werner’s first acquisition since 2021, when it acquired an 80% equity ownership stake in Pennsylvania-based regional hauler ECM Transport Group for $142.4 million (Werner has an option to buy the remaining 20% of the company after five years), and final-mile carrier Nehds Logistics for $64 million. Prior to last year, Werner hadn’t made an acquisition in its 60-plus year history.
