Schneider Acquiring Cowan Systems in $390 Million Deal
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Schneider is acquiring Baltimore-based Cowan Systems in a $390 million deal that will expand the carrier’s dedicated trucking services. The transaction is set to close by the end of 2024.
The move boosts Schneider's truckload operations. The company ranks No. 9 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, generating revenue of nearly $5.5 billion in 2023 from a fleet of 10,600 tractors. Cowan, No. 63 on the for-hire TT100, generated $670 million in 2023 from nearly 2,400 tractors. With the deal, Green Bay, Wis.-based Schneider’s dedicated fleet will grow to more than 8,400 tractors, accounting for 70% of its truckload fleet.
“This acquisition aligns with Schneider’s long-term vision to have customer-centric Dedicated solutions as the cornerstone of its Truckload segment,” said CEO Mark Rourke. “By complementing our organic Dedicated growth success with transactions like this, we are broadening our presence to provide greater value to our customers and stakeholders.”
Cowan Systems, founded in 1924, operates in more than 40 locations across the Eastern and Mid-Atlantic U.S. Its focus on lightweight equipment helps customers cut costs and emissions, serving industries such as retail, food and beverage, and building materials. Chairman Joe Cowan said Schneider is the right partner to preserve the company’s legacy.
“My father started Cowan Systems more than 100 years ago, and with the expertise, passion and dedication of so many amazing employees along the way, it has grown in more ways than he could have ever imagined,” Cowan said. “When it was time for me to move to a new chapter in my life, I wanted to be sure the organization was in good hands, at a company with a similar culture and values, and that it would continue to grow. With Schneider, I know our legacy will not just be preserved, but it will continue to thrive.”
The acquisition will be funded through Schneider’s cash reserves and a $400 million credit facility. The company expects the deal to boost earnings within the first year, excluding potential cost savings. Upon completion, Cowan’s financial results will be integrated into Schneider’s Truckload and Logistics business segments.
This transaction follows Schneider’s recent acquisitions of Midwest Logistics Systems and M&M Transport Services, solidifying its position as one of the largest dedicated trucking providers in the U.S.
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