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Schneider National Acquires Cowan Systems

[ January 3, 2025   //   Gary G Burrows ]

Multimodal transportation giant Schneider National Inc. in November entered into a definitive agreement to acquire Cowan Systems LLC and affiliated entities for a cash purchase price of about US$390 million, subject to certain adjustments.
The sale includes separate agreements to purchase certain real estate assets relating to Cowan Systems’ business for about US$31 million in cash.
Baltimore-based Cowan Systems is primarily a dedicated contract carrier with a portfolio of complementary services including brokerage, drayage and warehousing. Cowan Systems’ dedicated customers include producers of retail and consumer goods, food and beverage products, industrials, and building materials.
Cowan Systems has operated some 1,800 trucks and 7,500 trailers across more than 40 locations throughout the U.S. East and Mid-Atlantic.
The acquisition will further complement Schneider’s dedicated organic growth success. Including Cowan Systems, Schneider now operates more than 8,400 dedicated tractors – about 70 percent of Schneider’s Truckload fleet – expanding its role as one of the largest dedicated providers in the transportation industry.
“This acquisition aligns with Schneider’s long-term vision to have customer-centric dedicated solutions as the cornerstone of its truckload segment,” said Mark Rourke, Schneider president and CEO. “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, now operates as a wholly owned subsidiary of Schneider.
“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,” said Joe Cowan, chairman. “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.”
The deal was financed through existing cash on hand as well as borrowings under Schneider’s new US$400 million delayed draw term credit facility. This transaction follows earlier acquisitions of dedicated contract carriers Midwest Logistics Systems and M&M Transport Services LLC, which are also wholly owned subsidiaries of Schneider.

Tags: Cowan Systems LLC, Schneider National Inc.