Echo Global Logistics acquires intermodal and truckload brokerage Sharp Freight Systems; deal will increase company's presence in southern, West Coast US markets
October 26, 2012
– Echo Global Logistics, Inc. ( NASDAQ : ECHO ), a leading provider of technology-enabled transportation and supply chain management services, has acquired substantially all of the assets of Sharp Freight Systems, Inc. ("Sharp Freight"), an intermodal and truckload brokerage headquartered in Yorba Linda, CA with offices in Houston, TX. For the prior 12 months, Sharp Freight generated approximately $71 million in gross revenue. Effective immediately, Sharp Freight will begin doing business as Echo Global Logistics, Inc.
Founded by Frank Sannebeck in 1965 and led by his son Jim since 1990, Sharp Freight is a non-asset service provider that specializes in intermodal and over-the-road truckload solutions. The Sharp acquisition creates the following opportunities for Echo:
Sharp adds to Echo's existing intermodal offering. Headquartered in Southern California, Sharp is a strong complement to the East Coast acquisition by Echo of Trailer Transport Systems in December 2011. Sharp has strong relationships with both drayage and rail carriers which enable a competitive service offering out of West Coast markets.
The presence of Sharp Freight in Houston complements our Dallas operation, creating a significant base of operations for Echo in Texas. Not only is Houston an important port city, its addition to our national network improves our ability to serve clients moving freight into and out of Mexico.
The Sharp Freight management team has an excellent reputation; its sales organization is long-tenured and highly regarded for a service-first approach to business. This acquisition enhances our talent pool and expertise and, as is our practice, all Sharp Freight employees and agents will continue with Echo post-acquisition.
As in previous acquisitions, Echo will provide Sharp with enhanced capabilities including multi-modal technology, one-stop transportation management and additional transportation modes.
"Sharp Freight adds synergies to our operating platform and talent base," said Douglas R. Waggoner, Chief Executive Officer of Echo Global Logistics. "The team at Sharp Freight augments our existing intermodal and truckload expertise while increasing our presence in key Southern and West Coast markets. This acquisition better positions us to offer our clients the simplicity of a complete transportation management solution."
"Sharp Freight looks forward to joining the Echo team and contributing to the intermodal and truckload capabilities of Echo," said Jim Sannebeck, a second generation owner of Sharp Freight who will continue with Echo as a Regional Vice President. "Echo offers leading edge technology, a strong sales organization and a proven ability to service and grow client relationships that will allow us to continue building on the principles that have defined Sharp Freight for almost 50 years."
About Echo Global Logistics
Echo Global Logistics, based in Chicago, is a leading provider of technology-enabled transportation and supply chain management services. Echo maintains a proprietary web-based technology platform that compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients' transportation and supply chain management needs. Echo services clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.