Tuesday, September 9, 2014
XPO Logistics completes acquisition of New Breed logistics firm
XPO Logistics announced it has completed the acquisition of logistics firm New Breed Holding Company for $615 million.
New Breed offers logistics services to industries with "high-growth outsourcing opportunities," including aerospace, defense, telecom, technology and e-commerce, XPO said.
XPO said it now expects to achieve full-year EBITDA earnings of at least $150 million and revenue of $3 billion.
The buy adds about $597 million in revenue to XPO and $77 million in earnings before interest, taxes, depreciation and amortization, according to the statement.
New Breed’s former chief executive, Louis DeJoy, used $30 million of proceeds from the transaction to purchase restricted stock from the company, according to XPO. As chief executive of XPO’s new contract logistics business, DeJoy will continue to lead operations.
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