Echo Global Logistics, Inc. Acquires Sharp Freight Systems, Inc.
CHICAGO, IL -- (Marketwire) -- 10/25/12 -- Echo Global Logistics,
Inc. (NASDAQ: ECHO), a leading provider of technology-enabled
transportation and supply chain management services, has acquired
substantially all of the assets of Sharp Freight Systems, Inc.
("Sharp Freight"), an intermodal and truckload brokerage
headquartered in Yorba Linda, CA with offices in Houston, TX. For the
prior 12 months, Sharp Freight generated approximately $71 million in
gross revenue. Effective immediately, Sharp Freight will begin doing
business as Echo Global Logistics, Inc.
Founded by Frank Sannebeck in 1965 and led by his son Jim since 1990,
Sharp Freight is a non-asset service provider that specializes in
intermodal and over-the-road truckload solutions. The Sharp
acquisition creates the following opportunities for Echo:
-- Sharp adds to Echo's existing intermodal offering. Headquartered in
Southern California, Sharp is a strong complement to the East Coast
acquisition by Echo of Trailer Transport Systems in December 2011.
Sharp has strong relationships with both drayage and rail carriers
which enable a competitive service offering out of West Coast
-- The presence of Sharp Freight in Houston complements our Dallas
operation, creating a significant base of operations for Echo in
Texas. Not only is Houston an important port city, its addition to our
national network improves our ability to serve clients moving freight
into and out of Mexico.
-- The Sharp Freight management team has an excellent reputation; its
sales organization is long-tenured and highly regarded for a
service-first approach to business. This acquisition enhances our
talent pool and expertise and, as is our practice, all Sharp Freight
employees and agents will continue with Echo post-acquisition.
-- As in previous acquisitions, Echo will provide Sharp with enhanced
capabilities including multi-modal technology, one-stop transportation
management and additional transportation modes.
"Sharp Freight adds synergies to our operating platform and talent
base," said Douglas R. Waggoner, Chief Executive Officer of
Global Logistics. "The team at Sharp Freight augments our existing
intermodal and truckload expertise while increasing our presence in
key Southern and West Coast markets. This acquisition better
positions us to offer our clients the simplicity of a complete
transportation management solution."
"Sharp Freight looks forward to joining the Echo team and
contributing to the intermodal and truckload capabilities of Echo,"
said Jim Sannebeck, a second generation owner of Sharp Freight who
will continue with Echo as a Regional Vice President. "Echo offers
leading edge technology, a strong sales organization and a proven
ability to service and grow client relationships that will allow us
to continue building on the principles that have defined Sharp
Freight for almost 50 years."
About Echo Global Logistics
Echo Global Logistics, based in Chicago, is a leading provider of
technology-enabled transportation and supply chain management
services. Echo maintains a proprietary web-based technology platform
that compiles and analyzes data from its network of over 24,000
transportation providers to serve its clients' transportation and
supply chain management needs. Echo services clients across a wide
range of industries, such as manufacturing, construction, consumer
products and retail. For more information on Echo, visit:
INVESTOR RELATIONS CONTACT:
Echo Global Logistics
(847) 415 - 9324
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