Market Overview

XPO Logistics Acquires East Coast Air Charter for $9.25M

XPO Logistics (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

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Posted-In: News Guidance Contracts Management M&A Global

 

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