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.