XPO Logistics, Inc. : XPO Logistics Acquires East Coast Air Charter
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
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.
XPO Logistics, Inc.
Michelle Muniz, +1-203-930-1459
Steve Lipin / Gemma Hart, +1-212-333-3810
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information contained therein.
Source: XPO Logistics, Inc. via Thomson Reuters ONE
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