WERNER ENTERPRISES INC acquired Baylor Trucking, Inc. (FAB9, Inc.), a transaction completed in October 2022, structured as all cash.
Baylor Trucking, Inc. (FAB9, Inc.) operates in Truckload Transportation Services (One-Way Truckload), is based in East central and south central United States (Milan, Indiana-based), had revenue of about $81.5 million in revenues for the twelve months ended August 31, 2022. 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.
Baylor, with its highly-skilled professional drivers and non-driver associates, further strengthens our portfolio with their exceptional service and stellar reputation. This acquisition delivers on our Werner DRIVE strategy and will position us for further growth. We expect this transaction to be accretive in year one and anticipate buying power synergies through integrated management of our combined fleets.
Addition of 234 highly-skilled, tenured professional drivers and a 980-trailer fleet, increasing Werner's fleet size by 2.4%, with a culture intensely focused on safety and superior customer service. Buying power synergies expected through combined management of the two fleets. Baylor operates as a standalone business unit within Werner; financial results are reported in the One-Way Truckload unit of the Truckload Transportation Services segment. Existing Baylor leadership (including President Cari Baylor) and the Baylor brand were retained.
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 Leathers, Chairman, 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 Baylor, President, Baylor Trucking
Advisory firms were not disclosed for this transaction.