Schneider National Inc. made it official Friday, announcing the launch of a $500 million initial public offering to pay off debt and expand operations. Schneider, the largest privately held trucking company in the U.S. by revenue, had said last October it intended to pursue the IPO, “subject to satisfactory market conditions.”
The objectives of the IPO are to “facilitate continuity of controlling ownership of Schneider by the future generations of the Schneider family, while continuing forward with its long-standing, independent, and professional, corporate governance structure,” the company said.
According to its March 24 Form S-1 filing with the Securities and Exchange Commission, Schneider reported net income of $156.9 million on $4 billion in revenue for the 2016 fiscal year. The company's portfolio consists of approximately 10,500 company and 2,850 owner-operator trucks, 37,900 trailers and 18,100 intermodal containers across North America and approximately 19,300 "enterprise associates."
“We believe we offer one of the broadest arrays of services in the transportation and logistics industries, ranging from dry van to bulk transport, intermodal to supply chain management and first to final mile ‘white glove’ delivery,” the filing states. “We believe we differentiate ourselves through expertise in services that utilize specialty equipment, which have high barriers to entry.”
