XPO Logistics to Acquire Logistics Provider 3PD
July 15, 2013
Connecticut-based XPO Logistics has entered into an agreement to acquire 3PD in a transaction valued at approximately $365 million.
3PD is descibed by XPO as the largest non-asset, third party provider of heavy goods and last-mile logistics in North America.
The deal is expected to close in the third quarter of 2013, once it receives federal anti-trust approval.
The company has obtained a credit line from Credit Suisse Group for a $195 million term loan to help fund the transaction, along with using cash on hand from XPO.
3PD, based in Atlanta, was founded by Karl and Randy Meyer in 2001, focusing on the last-mile logistics segment serving retail shippers. Today, XPO says 3PD has two times more annual deliveries than its nearest competitor with revenue of $319 million in the past 12 months ending May 31.