CHICAGO, July 6, 2011 (GLOBE NEWSWIRE) -- Echo Global Logistics, Inc. (Nasdaq:ECHO), a technology-driven transportation management company, has acquired substantially all of the assets of Advantage Transport, Inc., a truckload (TL) transportation brokerage firm based in Phoenix, Arizona effective July 1, 2011. Echo has retained the entire Advantage Transport workforce in connection with this acquisition.
Advantage Transport's owners, Joe Larson and Matt Steckner, have over thirty years of combined industry experience. Advantage Transport is composed of skilled transportation professionals who specialize in TL shipping, carrier relations and servicing customers ranging from small shippers to large Fortune 500 companies. Effective immediately, Advantage Transport will begin doing business as Echo Global Logistics, Inc.
"Our growth strategy focuses on applying our business model to key regional markets and this acquisition brings expertise and significant depth to our carrier relationships in the Southwestern region of the United States," said Douglas R. Waggoner, Chief Executive Officer of Echo Global Logistics. "Advantage Transport has built solid client relationships based on a foundation of excellent customer service. The combination of Echo and Advantage Transport will enable Advantage Transport's workforce to continue to provide the excellent customer service that their clients are accustomed to, while at the same time leveraging Echo's transportation offerings to their clients."
"We are excited to join the Echo team," said Joe Larson and Matt Steckner, both of whom will continue as Regional Vice Presidents of Echo's branch office in Phoenix. "Advantage Transport's specialization and carrier base coupled with Echo's technology enabled procurement capabilities and additional modes of transportation will yield significant customer benefits."
In calendar year 2010, Advantage Transport generated approximately $26 million in gross revenue and is expected to be immediately accretive to Echo's earnings.
About Echo Global Logistics
Chicago-based Echo Global Logistics is a leading provider of technology-enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. Echo's web-based technology platform compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients' shipping and freight management needs. This year, Echo has procured transportation and provided logistics services for more than 22,700 clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.
The Echo Global Logistics, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5293
This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of our Form 10-K for our most recently completed fiscal year.
Source: Echo Global Logistics, Inc.
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