The Jordan Company Completes Acquisition of Echo Global Logistics, Inc.

Rhea-AI Summary

Echo Global Logistics (Nasdaq: ECHO) has been acquired by The Jordan Company for $48.25 per share in cash, effective Nov. 23, 2021. The acquisition, which follows a comprehensive review by Echo's Board of Directors, aims to enhance the company’s long-term growth strategy and operational capabilities. Doug Waggoner, Echo's CEO, and Brian Higgins from TJC expressed optimism about the partnership, emphasizing technology investments to bolster business results. Following the merger, Echo's stock trading on Nasdaq has been suspended.

Positive

• Acquisition price of $48.25 per share enhances shareholder value.
• TJC's expertise expected to accelerate Echo's growth.
• Strong commitment to technology investment for improved business results.

Negative

• Suspension of Echo's stock trading on Nasdaq.

CHICAGO, Nov. 23, 2021 /PRNewswire/ -- Echo Global Logistics, Inc. (Nasdaq: ECHO) ("Echo"), a leading provider of technology-enabled transportation and supply chain management services, today announced that it has been acquired for $48.25 per share in cash by an affiliate of The Jordan Company, L.P., a global private equity firm. ("TJC"). The acquisition was first announced on September 9, 2021 and became effective today.

"The closing of this transaction, which followed a thorough review of alternatives by our Board of Directors, represents a new and exciting chapter for our Company, our talented and dedicated employees, and the clients and carriers we serve," said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer of Echo. "It strengthens our ability to execute our long-term growth strategy and fulfill our mission. TJC brings significant expertise and industry experience to further accelerate our success."

Brian Higgins, head of TJC's supply chain and logistics vertical said, "We are excited to have completed the acquisition of Echo. We look forward to partnering with the strong Echo team to invest in and further the company's technology and business results."

As a result of the completion of the merger, trading in Echo's common stock on Nasdaq Global Select Market has been suspended.

About Echo Global Logistics

Echo Global Logistics, Inc. (Nasdaq: ECHO) is a leading Fortune 1000 provider of technology-enabled transportation and supply chain management services. Headquartered in Chicago with more than 30 offices around the country, Echo offers freight brokerage and Managed Transportation solutions for all major modes, including truckload, partial truckload, LTL, intermodal, and expedited. Echo maintains a proprietary, web-based technology platform that compiles and analyzes data from its network of over 50,000 transportation providers to serve 35,000 clients across a wide range of industries and simplify the critical tasks involved in transportation management. For more information on Echo Global Logistics, visit: www.echo.com.

About The Jordan Company

The Jordan Company ("TJC"), founded in 1982, is a middle-market private equity firm that has managed funds with original capital commitments in excess of $17 billion since 1987 and a 39-year track record of investing in and contributing to the growth of many businesses across a wide range of industries, including Consumer & Healthcare; Industrials; Technology, Telecom & Utility; and Supply Chain & Logistics. The senior investment team has been investing together for over 20 years and it is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has offices in Chicago and Stamford. For more information, please visit www.thejordancompany.com.

INVESTOR RELATIONS CONTACTS:
Pete Rogers
Chief Financial Officer
Echo Global Logistics
312-676-4584

Zach Jecklin
SVP of Strategy
Echo Global Logistics
312-784-2046

MEDIA CONTACT:
Christopher Clemmensen
SVP of Marketing
Echo Global Logistics
312-784-2132

 

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SOURCE Echo Global Logistics, Inc.

FAQ

What is the acquisition price for Echo Global Logistics?

Echo Global Logistics was acquired for $48.25 per share in cash.

Who acquired Echo Global Logistics?

The Jordan Company, a global private equity firm, acquired Echo Global Logistics.

When did the acquisition of Echo Global Logistics become effective?

The acquisition became effective on November 23, 2021.

What impact does the acquisition have on Echo's stock?

Following the acquisition, trading in Echo's common stock on Nasdaq has been suspended.

What are the future plans for Echo Global Logistics after the acquisition?

Echo aims to leverage TJC’s expertise to boost technology investments and enhance business results.