The move was announced in a statement that said the Green Bay, Wisconsin-based company is expecting to file a registration statement with the Securities and Exchange Commission to facilitate that step. In the past month, reports about Schneider’s intent have circulated through the financial community.
The move follows Schneider's acquisition of Watkins & Shepard, a Montana-based trucking company and a related software business, with the intent to build a presence in the e-commerce market. When that announcement was made, Schneider leadership said it was considering additional acquisitions.
“The objectives of the planned transaction 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,” statement said.
The No. 7 company on the Transport Topics Top 100 list of the largest U.S. and Canadian lor-hire carriers offered other reasons for the move.
“This transaction will allow the company to continue its commitment to Wisconsin and the community, and to maintain and further investments in its long-term positioning,” the statement also said. “The Schneider family and the board of directors believe the planned transaction is in the best interests of Schneider, its associates, customers and shareholders.”
When the IPO occurs, the largest privately held company on the for-hire TT100 will be No. 14 Estes Express Lines.