Broker Echo ups the global trucking game with their latest deal

Echo Global Logistics announced Thursday the acquisition of Chicago-based freight broker Fastmore Logistics. The deal gives Echo expertise in selling domestic transportation services to international carriers.

The financial terms of the transaction were not disclosed.

Echo was taken private by private equity firm The Jordan Company in a $1.3 billion deal last November.

“We are excited to continue investing in industry growth opportunities, especially since we took The Jordan Company private nearly a year ago,” Echo CEO Doug Wagoner said in a press release. “This transaction allows us to expand into a new target market and build on the success of Fastmore.”

In addition to a trucking customer list, Echo will seek to leverage Fastmore’s specialized carrier network, which includes delivery van and truck-only providers in addition to full truckload carriers.

“Fastmore’s addition of domestic international carrier transportation to our customer base is a natural extension of our business,” said Dave Menzel, Echo’s president and chief operating officer. “We look forward to investing in their extensive knowledge of international trucking business.”

In May, Echo acquired Roadtex Transportation, a provider of cold storage and general cargo transportation.

Echo has made more than 20 acquisitions since its inception in 2005. Its network includes more than 30 offices providing switching and managed transport services to 35,000 customers. The company has a network of more than 50,000 transportation providers to offer shippers TL, LTL, intermodal and expedited capacities.

“We are excited to join the Echo family, which will continue to invest in our core business while expanding our capabilities and service offerings to trucking customers,” said Ray Sciuckas, Founder and CEO of Fastmore.

Republic Partners acted as Fastmore’s financial advisor on the transaction.

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