FirstFleet Has Been Acquired by Werner Enterprises

Brentwood Capital Advisors Served as Co-Advisor to FirstFleet

February 12, 2026 – Nashville, TN

Werner Enterprises, Inc. (Nasdaq: WERN), a transportation and logistics provider, announced it has acquired privately owned Dedicated trucking company, First Enterprises, Inc. (“FirstFleet” or “the Company”), for approximately $245 million in cash. Werner will also separately acquire real estate properties directly from FirstFleet. The acquisition establishes Werner as the fifth-largest dedicated carrier in the U.S., meaningfully increases revenues from its higher-margin dedicated division and delivers immediate accretion to earnings per share (“EPS”).

Headquartered in Murfreesboro, Tennessee, FirstFleet has sustained profitable growth over four decades and cultivated deep relationships with top-tier customers under multi-year contracts, with an average 17-year tenure among their top 10 customers. FirstFleet brings significant added scale to Werner with approximately 2,400 tractors, 11,000 trailers and 37 strategically located properties near 130 customer sites around the country. FirstFleet has unique capabilities to service attractive and durable end markets such as grocery, bakery goods and corrugated packaging.

Paul Wilson, a Senior Executive and shareholder of FirstFleet, said, “The BCA team are trusted advisors, and their guidance was invaluable throughout the process. They helped us put together the right team and navigate a great process tailored specifically for FirstFleet and our family.”

“It was a privilege to work with Paul Wilson and the FirstFleet team, and we are thrilled with the outcome for the Wilson family and the Company. This transaction exemplifies BCA’s position as a leader in guiding family-owned businesses from evaluating liquidity alternatives to completion of the transaction that best meets their goals,” said Tom Wylly, Chairman of Brentwood Capital Advisors.

FirstFleet will operate as a business unit within Werner’s TTS segment, complementing the existing dedicated division.

Transaction Details

Under the terms of the agreement, Werner will acquire FirstFleet and the real estate properties for a total of approximately $282.8 million. The real estate includes 11 properties for $37.8 million. The transaction will be funded using operating cash on hand and Werner’s existing revolving credit facility. Werner plans to retain the majority of FirstFleet’s management and maintain its headquarters in Murfreesboro.

About Brentwood Capital Advisors

Headquartered in Nashville, Tennessee, Brentwood Capital Advisors is one of the nation’s leading independent investment banks, specializing in providing financial advice on mergers, acquisitions, corporate divestitures, and capital raising to growth-oriented, middle-market healthcare services, healthcare technology, and business services companies since 1999. For more information, visit www.brentwoodcapital.com.