Third-party logistics and supply chain management services provider, Echo Global Logistics, has purchase One Stop Logistics, headquartered in Watsonville, Calif., and is now doing business under the Echo name.
Founded in 1998, One Stop is a non-asset provider of both less-than-truckload and truckload services with offices in Northern California and Florida.
The total purchase price was $37.3 million, of which $19.8 million was paid at closing, $13.8 million is payable in January 2015 and $3.7 million is payable in one year.
Steve Brown, a 15-year veteran of One Stop, will be Echo's newest regional vice president leading all operations of the newly acquired entity. All existing management and employees will remain with Echo.
"One Stop is a profitable and impressive operator in the market for over the road transportation solutions," said Douglas R. Waggoner, CEO of Illinois-based Echo Global Logistics. "With this acquisition, we continue to position Echo for further growth by expanding our national coverage and leveraging our technology, our carrier network and our service offering."
During the prior twelve months, One Stop grew total revenue by approximately 14%, resulting in $50.7 million in gross revenue and earnings before interest, taxes, debt and amortization of $4.3 million, after adjusting for non-recurring expenses.