Echo Global Logistics Inc., a provider of technology-enabled transportation and supply chain management services, announced that it has been acquired for $48.25 per share in cash by an affiliate of The Jordan Company, L.P. (TJC), a global private equity firm. The acquisition was first announced on Sept. 9 and became effective this week.
“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,” says Doug Waggoner, Echo chairman of the board of directors and CEO.
“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,” Waggoner says.
Brian Higgins, head of TJC's supply chain and logistics vertical says, “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.