Intermodal transport and logistics services provider Schneider acquires North American logistics giant Cowan
Recently, Schneider National, Inc., a leading global provider of multimodal transportation and logistics services, announced. Announced two major acquisition agreements. First, Schneider has reached an agreement to acquire Cowan Systems, a century-old North American logistics giant, for $390 million. In addition, Schneider has signed a separate agreement to acquire Cowan's real estate assets valued at $31 million.
To fund the acquisition, Schneider will use cash on hand and a newly acquired $400 million credit facility. The entire acquisition process is expected to be completed by the end of the year. Following the acquisition, Cowan will operate as a wholly owned subsidiary of Schneider and its results will be included in Schneider's TL and logistics segment reporting.
Mark Rourke, president and CEO of Schneider, said: "This acquisition aligns with Schneider's long-term vision of customer-focused, purpose-built solutions as the cornerstone of its trucking division. With transactions like this to complement our organic growth strategy, we are further expanding our reach and creating greater value for our customers and stakeholders."
Founded in 1935, Schneider is currently one of the largest and most diverse transportation and logistics companies in North America, ranking 20th in the 2023 North American Logistics Top 100. Schneider's solutions cover the industry's broadest product portfolio, including regional and long-haul trucking, expedit, specialty, bulk, intermodal, brokerage, warehousing, supply chain management, port logistics and logistics consulting.
Schneider has been active in the acquisition market in recent years. Prior to the recent dedicated acquisition, Schneider operated 4,498 dedicated trucks at the end of 2021. In January 2022, the company acquired Midwest Logistics Systems and its 900 trailers for $263 million; Last August, it acquired contract transportation company M&M Transport services, LLC and its 500 trucks for an undisclosed amount.
To fund the acquisition, Schneider will use cash on hand and a newly acquired $400 million credit facility. The entire acquisition process is expected to be completed by the end of the year. Following the acquisition, Cowan will operate as a wholly owned subsidiary of Schneider and its results will be included in Schneider's TL and logistics segment reporting.
Mark Rourke, president and CEO of Schneider, said: "This acquisition aligns with Schneider's long-term vision of customer-focused, purpose-built solutions as the cornerstone of its trucking division. With transactions like this to complement our organic growth strategy, we are further expanding our reach and creating greater value for our customers and stakeholders."
Founded in 1935, Schneider is currently one of the largest and most diverse transportation and logistics companies in North America, ranking 20th in the 2023 North American Logistics Top 100. Schneider's solutions cover the industry's broadest product portfolio, including regional and long-haul trucking, expedit, specialty, bulk, intermodal, brokerage, warehousing, supply chain management, port logistics and logistics consulting.
Schneider has been active in the acquisition market in recent years. Prior to the recent dedicated acquisition, Schneider operated 4,498 dedicated trucks at the end of 2021. In January 2022, the company acquired Midwest Logistics Systems and its 900 trailers for $263 million; Last August, it acquired contract transportation company M&M Transport services, LLC and its 500 trucks for an undisclosed amount.
