XPO Logistics Acquires East Coast Air Charter
(Thomson Reuters ONE) -
GREENWICH, Conn. - February 12, 2013 - XPO Logistics, Inc. (NYSE: XPO) today
announced that it has acquired the operating assets of East Coast Air Charter,
Inc. (ECAC), a non-asset, third party logistics business specializing in
expedited air charter brokerage, with 2012 revenues of approximately $43
million. The cash purchase price was $9.25 million with no assumption of debt,
excluding any working capital adjustments. The acquisition is expected to be
immediately accretive to earnings.
ECAC was founded in 1997 to serve the on-demand, dedicated air charter market.
Former owner William McBane will continue to lead the operation in Statesville,
N.C. The acquisition expands the XPO Logistics offerings for expedited
transportation, freight brokerage and freight forwarding.
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said,
"We've acquired a company that we know very well as a long-time partner to our
expedite division. ECAC has valuable synergies with XPO, including innovative
proprietary technology and air carrier relationships that complement our over-
the-road expertise. We are now in a much stronger position to capture just-in-
time freight and cross-border Mexico movements. All of our XPO offices will sell
air charter, giving us another competitive advantage as we build scale. Our
acquisition pipeline is robust, with numerous prospects that fit our strategy
for growth."
About XPO Logistics, Inc.
XPO Logistics, Inc. (NYSE: XPO) is one of the fastest growing providers of non-
asset based, third-party freight transportation services in North America. The
company uses its relationships with more than 20,000 ground, sea and air
carriers to find the best transportation solutions for its customers. XPO
Logistics offers its services through three distinct business units: freight
brokerage, expedited transportation and freight forwarding. The company serves
more than 7,500 customers in the retail, commercial, manufacturing and
industrial sectors through 59 locations, including 35 branches in the United
States and Canada and 24 agent offices. www.xpologistics.com
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other than
statements of historical fact are, or may be deemed to be, forward-looking
statements. In some cases, forward-looking statements can be identified by the
use of forward-looking terms such as "anticipate," "estimate," "believe,"
"continue," "could," "intend," "may," "plan," "potential," "predict," "should,"
"will," "expect," "objective," "projection," "forecast," "goal," "guidance,"
"outlook," "effort," "target" or the negative of these terms or other comparable
terms. However, the absence of these words does not mean that the statements are
not forward-looking. These forward-looking statements are based on certain
assumptions and analyses made by us in light of our experience and our
perception of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate in the
circumstances. These forward-looking statements are subject to known and unknown
risks, uncertainties and assumptions that may cause actual results, levels of
activity, performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed or implied by
such forward-looking statements. Factors that might cause or contribute to a
material difference include, but are not limited to, those discussed in our
filings with the SEC and the following: economic conditions generally;
competition; our ability to find suitable acquisition candidates and execute our
acquisition strategy; our ability to raise capital; our ability to attract and
retain key employees to execute our growth strategy; our ability to develop and
implement a suitable information technology system; our ability to maintain
positive relationships with our network of third-party transportation providers;
litigation; and governmental regulation. All forward-looking statements set
forth in this press release are qualified by these cautionary statements and
there can be no assurance that the actual results or developments anticipated by
us will be realized or, even if substantially realized, that they will have the
expected consequences to or effects on us or our business or operations.
Forward-looking statements set forth in this press release speak only as of the
date hereof and we do not undertake any obligation to update forward-looking
statements to reflect subsequent events or circumstances, changes in
expectations or the occurrence of unanticipated events.
Investor Contact:
XPO Logistics, Inc.
Michelle Muniz, +1-203-930-1459
michelle.muniz(at)xpologistics.com
Media Contact:
Brunswick Group
Steve Lipin / Gemma Hart, +1-212-333-3810
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: XPO Logistics, Inc. via Thomson Reuters ONE
[HUG#1677292]
Unternehmensinformation / Kurzprofil:
Datum: 12.02.2013 - 13:00 Uhr
Sprache: Deutsch
News-ID 228668
Anzahl Zeichen: 6088
contact information:
Town:
Greenwich
Kategorie:
Business News
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"XPO Logistics Acquires East Coast Air Charter"
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