Werner Enterprises acquired an 80% stake in ECM Transport Group for $ 142.4 million.
With 2020 revenue of $ 108 million, ECM consists of ECM Transport and Motor Carrier Services of Pennsylvania. The regional truckload carriers operate nearly 500 trucks and 2,000 trailers in their network of eight terminals and 18 depot facilities.
The acquisitions extend Werner’s presence in the Mid-Atlantic, Ohio and Northeast regions; increases the size of the company’s fleet by 6%; complements the company’s current terminal footprint.
âThe addition of qualified drivers, non-driver associates and ECM’s terminal network strengthens our portfolio by adding short-haul expertise in a segment where consumer demand and supply chain needs are in focus. growth, âsaid Derek Leathers, president and CEO of Werner, in a press release.
He added: âWe expect this transaction to be profitable in the first year and anticipate cost synergies through the integrated management of our combined fleet. “
Under the agreement, Werner retains an exclusive option to purchase the remaining 20% ââof ECM Transport Group after a period of five years.
Existing ECM leadership (including founder and chairman Ed Meier), drivers and associated non-drivers will remain in place, and the company retains the ECM brand to ensure smooth onboarding and high driver retention, officials said. of the society.
ECM will operate as an autonomous business unit within Werner.