Schneider National, Inc. acquired Midwest Logistics Systems, Ltd from family for approximately $270 million.
January 03, 2022
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Schneider National, Inc. (NYSE:SNDR) acquired Midwest Logistics Systems, Ltd from family for approximately $270 million on December 31, 2021. The consideration is subject to certain customary purchase price adjustments. MLS professional drivers and associates will continue to operate under the MLA name. For 12 months ended September 30, 2021, MLS reported annual revenues of approximately $205 million. The acquisition is expected to be immediately accretive to Schneider's earnings per share. Schneider financed the transaction through cash on hand. Scopelitis, Garvin, Light, Hanson & Feary PLC acted as legal advisor to Schneider and Frost Brown Todd LLC acted as legal advisor to Midwest. Bluejay Advisors LLC acted as the financial advisor to Midwest Logistics Systems, Ltd.
Schneider National, Inc. (NYSE:SNDR) completed Midwest Logistics Systems, Ltd from family on December 31, 2021. The aggregate purchase price of the acquisition was approximately $274.5 million inclusive of certain cash and net working capital adjustments and a deferred payment of $3.2 million made in January 2022. Proceeds from the total purchase consideration were used to settle $26.9 million of MLS's outstanding debt as of the acquisition date.
Schneider National, Inc. is a transportation and logistics services company. The Company and its subsidiaries provide surface transportation and logistics solutions in North America. The Company operates through three segments: Truckload, Intermodal and Logistics. The Truckload segment provides truckload services primarily focused on freight with consistent routes often based on long-term contracts, Van Network, which consists of irregular routes, and Bulk, which delivers key inputs for manufacturing processes, such as specialty chemicals using specialty trailers. The Intermodal segment provides rail intermodal and drayage services to its customers. Company-owned containers, chassis, and dray tractors are used to provide these transportation services. The Logistics segment provides additional sources of truck capacity, manages transportation-systems analysis requirements for individual customers, and provides transloading and warehousing services.
SCHNEIDER NATIONAL, INC. 
