Echo Global Logistics acquires Comcar Logistics
March 20, 2014
Late last month, Echo Global Logistics, a non-asset based freight brokerage company and a provider of technology-enabled transportation and supply chain management services, acquired Jacksonville, Fla.-based Comcar Logistics, a non-asset based truckload brokerage.
Financial terms of the deal were not made available.
Echo officials said that Comcar, which was established in 2011, offers truckload brokerage to a portfolio of clients with a strong carrier network, mainly in the Southeast and Rocky Mountain regions and will be led by Lane Turner, whom will serve as regional vice president. Over the previous 12 months, Echo said that Comcar had roughly $15 million in gross revenue.
“We are pleased to join the Echo organization,” said Turner in a statement. “The Echo web-based technology platform, national truckload brokerage capabilities, multi-modal service offering and commitment to client service will expand our ability to deliver enhanced transportation solutions to shippers.”
David Menzel, Echo’s Chief Operating Officer, said that as part of Echo’s continuing multi-point growth strategy, it is always looking for interesting companies that fit well in its culture and work with its client-focused team.
“Comcar Logistics fits perfectly within our acquisition strategy given its emphasis on Truckload Brokerage, its customer base, experienced staff, geographic presence in the Southeast and Rocky Mountain regions, as well as its carrier network,” he said.
And when asked how bringing Comcar into the fold will benefit Echo’s customers, he explained that that acquisition itself will be transparent to them, however, Menzel explained they will see the benefits of enhanced and expanded carrier capacity.
“Comcar Logistics customers will continue to be serviced by the great people they have worked with in the past but will have access to the additional resources, capacity, and technology that comes with Echo.
Menzel declined to disclose a specific figure for the number of truckload carriers Comcar has relationships with but said that Echo was drawn to Comcar, given their relationships with large, small and regional carriers across the country, adding that Comcar’s focus on niche regions of the southeast and rocky mountain will also help grow its national footprint.
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