XPO Logistics

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XPO Logistics, Inc
Traded as NYSEXPO
Predecessor Express-1 Expedited Solutions Inc.
Services Logistics provider of freight transportation services - freight brokerage, intermodal, technology-enabled contract logistics, last mile, expedited, air and ocean freight forwarding, transportation management
Revenue $2,356.6 million (2014) [1]
Divisions freight brokerage, expedited transportation, freight forwarding[2][3]
Website www.xpo.com

XPO Logistics, Inc. is an American corporation headquartered in Greenwich, Connecticut. It is a third-party service provider of transportation logistics, primarily serving customers based in North America. XPO is currently the third largest freight brokerage firm, the third largest provider of domestic intermodal services and the largest provider of cross-border Mexico intermodal services. It is the largest provider of last mile logistics for heavy goods and the largest manager of expedited shipments. XPO is a provider of technology-enabled contract logistics and has growing positions in managed transportation, global freight forwarding and less-than-truckload brokerage.[2][3][4]

Formerly known as Express-1 Expedited Solutions Inc., the company was renamed XPO Logistics in September 2011, after corporate consolidation entrepreneur and investor Bradley S. Jacobs led a team that agreed to invest up to $150 million in cash in the company.[5][6][7][8] Jacobs became the company’s largest shareholder, and assumed the positions of chairman and chief executive officer.[9][10][11]


Express-1 Expedited Solutions was founded in May 1989 by Michael R. Welch and Keith Avery, with a focus on transportation of time-critical, high-value shipments.[12] The company was purchased in August 2004 by the transportation firm Segmentz, Inc., a public company that subsequently went through a restructuring to close unprofitable business units. In 2006, Segmentz changed its name back to Express-1 Expedited Solutions, and began trading its stock under the stock symbol XPO.[13][14] In May 2003, the company’s business unit Express-1 Dedicated, Inc. was awarded a contract to provide dedicated transportation services to Ford Motor Company, a contract that would yield approximately 90 percent of the business unit’s revenue.[15] Ford announced in November 2008 that it was ending the contract, and the business unit ceased operations in February 2009.

Express-1 acquired Concert Group Logistics, Inc., a non-asset based freight forwarder, in January 2008[16] Two months later, Express-1 launched Bounce Logistics, Inc., a business unit providing freight brokerage services. In February 2009, the firm acquired First Class Expediting Services, Inc. to strengthen its operations in the Midwest.[17] In October of that year, the firm expanded its international services with the acquisition of LRG International, Inc., a global freight forwarding company.[18][19]

In June 2011, Express-1 became the vehicle for Bradley Jacobs’ entry into the truck brokerage industry, an industry that Jacobs viewed as ripe for consolidation, with only 15 percent of trucking currently outsourced to third-party logistics brokers.[7] In the 1990s, Jacobs had spearheaded the consolidation of the waste management and equipment rental industries in North America through an aggressive strategy of cold starts of greenfield locations as well as acquisitions.[20] With the $150 million investment in the company, including up to $135 million from his investment firm, Jacobs Private Equity LLC,[6] Jacobs gained ownership of approximately 71 percent of the company.[21][22] He announced plans to move the headquarters from Michigan to Greenwich, Connecticut, with the name changed to XPO Logistics, trading under the symbol XPO on the NYSE AMEX Exchange. On October 12, 2011, Jacobs rang the bell to open the Exchange.[23]

The company announced plans to open its national operations center in Charlotte, N.C., and began operating the facility in March 2012.[5][24][25] XPO selected Charlotte in part because of as much as $4.3 million in state incentives. North Carolina’s Economic Investment Committee awarded XPO a Job Development Investment Grant, making it eligible to receive a maximum benefit package of $3.22 million. Another $1.07 million would come from the state’s utility fund for infrastructure improvements.[26]

On March 12, 2012, XPO announced an underwritten public offering of 6 million shares of common stock.[27] Three days later, the company increased the offering to 8 million shares, at $15.75 per share.[28] The IPO closed at 9.2 million shares of common stock, with net proceeds of roughly $136.7 million.[29] On May 8, 2012, the company completed the purchase of Continental Freight Services, Inc., a $22 million freight brokerage firm in South Carolina.[30][31] On June 14, 2012 XPO Logistics listed its shares on the New York Stock Exchange and Jacobs again rang the bell to open the Exchange.[32]

XPO Logistics completed the purchase of Kelron Logistics, Inc., a $100 million truck broker based in Canada, in May 2012.[33][34] This was followed in October 2012, with the purchase of BirdDog Logistics, LLC, a $7 million freight brokerage operation in North Carolina.,[35] and also the purchase of Turbo Logistics, Inc., the freight brokerage division of Ozburn-Hessey Logistics, LLC for $50 million.[35][36] At the end of November 2012, Bradley Jacobs confirmed that there was "about $265 million on the balance sheet" to fund "maybe 3,4,5 acquisitions a year".[8]

The company's first purchase of 2013 was the February 8th acquisition of East Coast Air Charter, Inc., a $43 million expedited air charter brokerage firm in North Carolina.[37] The second acquisition in February was announced on the 22nd when the company acquired the operating assets of Covered Logistics & Transportation LLC, a non-asset, third party freight brokerage business with 2012 revenues of approximately $27 million.[38]

In March 2013, Gov Pat McCrory's office announced that XPO Logistics was to expand its Charlotte operations center, bringing 287 new jobs by the end of 2014.[39][40]

XPO announced in July 2013 that it entered into a definitive agreement to acquire all of the common stock of 3PD Inc. in a transaction valued at approximately $365 million. 3PD is the largest non-asset, third party provider of heavy goods, last-mile logistics in North America.[41] This purchase was completed on August 16, 2013.[42] August 2013 also saw XPO announcing the closing of a registered underwritten public offering of 9,694,027 shares of common stock, at a price to the public of $22.75 per share.[43] In November of this year the company announced it had rebranded its formerly named Concert Group Logistics (CGL) division as XPO Global Logistics, to "better reflect the role of freight forwarding" within the company’s broader service offering.[44]

On November 15, 2013, XPO announced that it had acquired Optima Service Solutions, LLC, a leading non-asset provider of last-mile logistics services for major retailers and manufacturers, for a cash purchase price was $26.6 million.[45][46] On December 28, 2013 XPO completed the acquisition of NLM from Landstar System, Inc. The company has rebranded the NLM operations as XPO NLM. This acquisition makes the company the largest manager of expedited shipments in North America. The company funded the $87 million cash acquisition through its ABL facility and available cash, including approximately $13.4 million of cash acquired on closing. [47] [48]

On March 31, 2014, XPO acquired intermodal provider Pacer International, Inc. in a cash and stock transaction valued at approximately $335 million. XPO financed the cash portion of the acquisition and related fees and expenses through a combination of cash on hand and a portion of the net proceeds of a $414 million public offering of common stock. XPO facilitates approximately 10 percent of all domestic intermodal freight movements and is the largest provider of intermodal services between the U.S. and Mexico.[49][50][51]

On July 28, 2014, XPO acquired Atlantic Central Logistics (ACL) for a cash purchase price of $36.5 million. Founded in 1980, ACL provides last mile logistics through approximately 200 contracted carriers and 160 employees at 14 East Coast locations. ACL focuses on serving the burgeoning demand for e-commerce fulfillment by facilitating the time-sensitive, local movement of goods between distribution centers and the end-consumer. The operations are part of the XPO Last Mile business.

On September 2, 2014, XPO Logistics acquired New Breed, a preeminent U.S. provider of non-asset based, highly engineered contract logistics solutions for blue chip customers. The acquisition expanded XPO’s operations to 203 locations and approximately 10,400 employees.. XPO financed the $615 million cash purchase price with the proceeds from its August 2014 private placement of $500 million of senior notes and available cash on hand. New Breed specializes in technology-enabled services for omni-channel distribution, reverse logistics, transportation management, freight bill audit and payment, lean manufacturing support, aftermarket support and supply chain optimization. Its services are concentrated in industries with high-growth outsourcing opportunities, including telecom/technology, retail/e-commerce, aerospace and defense, medical equipment and select areas of manufacturing.[52][53]

On September 11, 2014, XPO announced that it had entered into a definitive agreement with PSP Investments, GIC, which is Singapore’s sovereign wealth fund, and Ontario Teachers’ Pension Plan to invest $700 million in XPO to accelerate the company’s growth strategy.[54]

On April 28, 2015, XPO announced a $3.56 billion (3.24 billion euros) deal to acquire major French logistics group Norbert Dentressangle.[55][56]


XPO Logistics is a North American provider of transportation logistics services in truck brokerage, intermodal, last-mile logistics, expedited transportation and freight forwarding, with growing businesses in less-than-truckload brokerage, contract logistics and managed transportation. The company’s freight brokerage division primarily facilitates the shipment of goods carried by truck, including the last-mile delivery of heavy goods such as appliances and home electronics. Its expedited transportation division places urgent shipments with ground and air carriers, and its freight forwarding division focuses on global export and domestic shipments.[2] XPO Logistics serves over 14,000 customers in the manufacturing, industrial, retail, commercial, life sciences and government sectors, with 203 locations in the U.S., Canada, Asia and Europe, and more than 27,000 carrier relationships. The company’s operations are part of the SmartWay Transport Partnership, a program administered by the U.S. Environmental Protection Agency under which freight shippers, carriers and logistics companies collaborate to voluntarily achieve improved fuel efficiency and reduced emissions.[57]

The XPO "brand family" as of November 2014 comprises XPO Logistics (truck brokerage and intermodal); XPO Express, XPO Air Charter and XPO NLM (expedited transportation); XPO Last Mile (last mile logistics); and XPO Global Logistics (freight forwarding). Additionally, XPO operates in the marketplace as New Breed, an XPO Logistics Company(contract logistics); and Pacer, an XPO Logistics Company(Mexico intermodal).[58]

Awards and Recognition[edit]

  • National Shippers Strategic Transportation Council Expedited Carrier of the Year Award – 2009, 2010[59][60]
  • Inbound Logistics Top 100 Motor Freight Carrier – 2010[61]
  • Great West Casualty Co. National Safety Awards Program Gold Award – 2010[62]
  • Whirlpool Special Services Supplier of the Year Award – 2011[63]
  • UPS Urgent Services Carrier of the Year Award – 2011[64]
  • SupplyChainBrain Great Supply Chain Partner – 2011[65]
  • TT News Top 25 Freight Brokerage Firms – 2012[66]


  1. ^ "XPO Logistics Announces Q4 and Full Year 2013 Results". WorldTradeWT100. Feb 25, 2014. 
  2. ^ a b c "Profile:XPO Logistics Inc". reuters.com. 
  3. ^ a b "XPO Logistics Ranked Fourth Largest Freight Brokerage Firm and Top 50 Logistics Company". Reuters. Nov 13, 2013. 
  4. ^ "REG-PSP Investments, GIC and Ontario Teachers' Pension Plan Agree to Invest $700 Million in XPO Logistics". ottp.com. September 11, 2014. 
  5. ^ a b "The big bet of Brad Jacobs". dcvelocity.com. January 9, 2012. 
  6. ^ a b "Jacobs has big plans for Express-1 expediter". greenwichtime.com. February 7, 2012. 
  7. ^ a b "Jacobs Interview on Express-1 Investment". bloomberg.com. June 14, 2011. 
  8. ^ a b "An Inside Look at XPO Logistics Transport Company". Bloomberg TV. November 30, 2012. 
  9. ^ "Bradley S. Jacobs to Lead Equity Investment of up to $150 Million in Express-1 Expedited Solutions". businesswire.com. June 14, 2011. 
  10. ^ "Express-1 To Be Acquired By Equity Firm". Transport Topics. August 12, 2011. 
  11. ^ "Post-recession Growth Rates". The Journal of Commerce. May 13, 2013. 
  12. ^ "Express-1 Expedited Solutions CEO Speaks About His Company". seekingalpha.com. May 21, 2007. 
  13. ^ "Profitable Segmentz to Change Name". Journal of Commerce. Mar 6, 2006. 
  14. ^ "Over 20 Years of Expedited Shipping Excellence". express-1.com. 
  15. ^ "EXPRESS-1 DEDICATED’S CONTRACT WITH FORD MOTOR CO. TO CEASE". ccjdigital.com. November 19, 2008. 
  16. ^ "Express-1 announces acquisition of Concert Group Logistics". expeditersonline.com. February 4, 2008. 
  17. ^ "Express-1 Acquires 3PL First Class Expediting". Transport Topics. February 3, 2009. 
  18. ^ "Express-1 Expedited Solutions XPO Acquires LRG International Inc. to Expand International Services to a Global Logistics Market". Vertical News. October 24, 2009. 
  19. ^ "Express-1 Expedited Solutions (XPO) Acquires LRG International". bloomberg.com. October 9, 2009. 
  20. ^ "Q&A: Keep On Trucking". themiddlemarket.com. June 16, 2011. 
  21. ^ "United Rentals Founder’s Next Bet: Transportation". dealbook.nytimes.com. June 15, 2011. 
  22. ^ "Jacobs has big plans for Express-1". expeditersonline.com. September 8, 2011. 
  23. ^ "VIDEO: 12 October 2011 XPO Logistics rings the NYSE Opening Bell". Youtube. October 12, 2011. 
  24. ^ "XPO Logistics to Open Operations Center Creating Over 200 Jobs". charlotechamber.com. February 28, 2012. 
  25. ^ "Logistics company to create 200 jobs in Charlotte". wcnc.com. February 28, 2012. 
  26. ^ "XPO Logistics, A Freight Transportation Provider, To Create 200 Jobs in Charlotte". areadevelopment.com. February 29, 2012. 
  27. ^ "XPO Logistics Announces Common Stock Offering". investorpoint.com. March 12, 2012. 
  28. ^ "XPO Logistics increases size of shares for IPO". logisticsmgmt.com. March 15, 2012. 
  29. ^ "XPO Logistics closes $137 million IPO". logisticsmgmt.com. March 23, 2012. 
  30. ^ "XPO Logistics Announces First Quarter 2012 Results". nytimes.com. May 9, 2012. 
  31. ^ "XPO Logistics Plans Acquisitions Worth $250 Million". joc.com. May 10, 2012. 
  32. ^ "VIDEO: XPO Logistics Celebrates Listing on the NYSE". nysetv. 14 Jun 2012. 
  33. ^ "XPO buys Canadian broker for $8 million in cash". dcvelocity.com. August 9, 2012. 
  34. ^ "Interview With Bradley Jacobs: Executing To Perfection". seekingalpha.com. August 8, 2012. 
  35. ^ a b "XPO Logistics acquires OHL's truck brokerage unit". dcvelocity.com. October 26, 2012. 
  36. ^ "XPO Logistics Acquires OHL's Turbo Logistics". reuters.com. October 25, 2012. 
  37. ^ "XPO Logistics acquires East Coast Air Charter Inc.". logisticsmgmt.com. February 12, 2013. 
  38. ^ "XPO buys truck broker Covered Logistics in $11 million cash and stock transaction". dcvelocity.com. February 28, 2013. 
  39. ^ "XPO Logistics to add 287 jobs in Charlotte". Charlotte Business Journal. Mar 26, 2013. 
  40. ^ "XPO Logistics adding 287 jobs in Charlotte". charlotteobserver.com. Mar 27, 2013. 
  41. ^ "XPO Logistics is set to acquire 3PD". logisticsmgmt.com. July 15, 2013. 
  42. ^ "XPO Logistics Completes Acquisition of 3PD". xpologistics.com. Aug 16, 2013. 
  43. ^ "XPO Logistics Announces Closing of $220.5 Million Public Offering of Common Stock". reuters.com. Aug 13, 2013. 
  44. ^ "XPO Logistics Q3 revenue is up 173.3 percent". Logistics Management. Nov 5, 2013. 
  45. ^ "XPO Logistics further strengthens last-mile offerings with acquisition of Optima Service Solutions". Logistics Management. Nov 15, 2013. 
  46. ^ "XPO expands last-mile delivery presence with purchase of Optima Service Solutions". DC Velocity. Nov 15, 2013. 
  47. ^ "XPO Logistics Inc : XPO LOGISTICS, INC. FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits". 4Traders. Dec 30, 2013. 
  48. ^ "XPO Logistics Completes Acquisition of NLM". Market Watch. Dec 30, 2013. 
  49. ^ "XPO Logistics Agrees to buy Pacer". Wall Street Journal. 6 January 2014. 
  50. ^ "XPO Logistics Inc : to Acquire Pacer International". 4-traders.com. January 6, 2014. 
  51. ^ "XPO Logistics Announces Pricing of $375 Million Public Offering of Common Stock". MarketWatch. January 30, 2014. 
  52. ^ "XPO Pulls Off 500 Purchases While Bypassing Wall Street". bloomberg.com. Jul 30, 2014. 
  53. ^ "VIDEO: The M&A King Wheeling and Dealing Without Bankers". bloomberg.com. Jul 30, 2014. 
  54. ^ "PXPO Logistics Gets $700 Million Investment to Fund Acquisitions". wsj.com. Retrieved Feb 2, 2015. 
  55. ^ "US logistics group XPO buying France's Dentressangle". Business Insider. 28 April 2014. 
  56. ^ "XPO Logistics Buying Norbert in $3.53 Billion European Deal". bloomberg.com. Retrieved June 01, 2015.  Check date values in: |accessdate= (help)
  57. ^ "XPO Logistics Q3 revenue is up 173.3 percent". XPO Logistics. Jan 2014. 
  58. ^ "Our Company". xpo.com. Retrieved November 2, 2014. 
  59. ^ "Express-1 Expedited Solutions: Thriving in the Face of Adversity". expeditersonline.com. May 2, 2010. 
  60. ^ "Express-1 Named Top Expedited Carrier for 2010". truckinginfo.com. 
  61. ^ "Express-1 Named One of Inbound Logistics’ Top 100 Motor Freight Carriers". expeditersonline.com. Oct 15, 2010. 
  62. ^ "Express-1 Presented a Gold Award by Great West Casualty Company". globenewswire.com. April 20, 2011. 
  63. ^ "Express-1 Named Special Services Supplier of the Year by Whirlpool". businesswire.com. September 29, 2011. 
  64. ^ "XPO Logistics` Express-1 Business Named Carrier of the Year by UPS Urgent Services". reuters.com. January 11, 2012. 
  65. ^ "SupplyChainBrain Names Concert Group Logistics to 100 Great Supply Chain Partners List". Globe Newswire. August 3, 2011. Retrieved April 25, 2012. 
  66. ^ "Top 25 Freight Brokerage Firms" (PDF). ttnews.com. December 1, 2012. Retrieved December 18, 2012. 

External links[edit]