New Breed Logistics company Profile
New Breed Logistics, a national contract logistics handler based in High Point with about 6, 800 employees including 596 in the Triad, has been bought by XPO Logistics for $615 million.
XPO Logistics is based in Greenwich, Conn., and says it is the largest U.S. provider of last-mile logistics for heavy goods and the largest manager of expedited shipments, as well as the fourth-largest freight brokerage firm and the third-largest provider of intermodal services. In total, it makes about 31, 000 deliveries per day in North America, and ahead of its acquisition of New Breed has about 3, 100 employees.
The deal calls for New Breed CEO Louis DeJoy to use $30 million of his proceeds from the sale of the company to buy restricted stock in XPO. DeJoy, who has been chairman and chief executive at New Breed since 1983, will then become chief executive of XPO’s contract logistics services, leading that operation from New Breed’s current High Point campus.
Jacobs said the services provided by the two companies are complementary, and present a number of cross-selling opportunities. Both firms also have a strong commitment to technology, with about half of New Breed’s High Point workforce consisting of IT professionals.
“New Breed is a jewel in the crown of contract logistics: a world-class provider entrusted with critical services by some of the most prestigious corporate names in America, ” Jacobs said. “We'll gain leadership in one of the most financially attractive sectors of contract logistics, and we'll use our new platform to engage customers in our broader offering.”
XPO is growing on other fronts as well. At the same time it announced its purchase of New Breed, it said it has completed a previously announced acquisition of Atlantic Central Logistics for $36.5 million. That deal expands XPO’s presence in the last-mile and e-commerce sectors, the company said.
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