Echo Global Logistics completes acquisition of Command Transportation
As part of the acquisition agreement, Echo will take on outstanding membership units that amount to approximately $420 million; $25 million of this purchase was made in both common stock and restricted common stock, which was issued to 33 employees of Command to accommodate Nasdaq listing regulations.
"This transaction is about growth for our company, our clients and our people," Echo CEO Doug Waggoner said. "We have a deep bench of leadership across Echo and Command, and we are committed to continued operational excellence as we work through the integration process. We are excited that Paul Loeb will be joining our board of directors and look forward to everything that the talented employees of Echo and Command will accomplish together to simplify transportation management for our clients and carrier partners."
The board of directors will consist of seven members to accommodate Command representation, with the appointment of Loeb to the board.
"As a combined company, we can provide our clients with an expanded truckload expertise and carrier network," Waggoner said. "This significant increase in truckload business -- along with our robust technology, multimodal freight-brokerage services and Managed Transportation solution -- solidifies us as an industry leader and better positions us for long-term success."