The deal expands Echo's target markets and specialized carrier network while providing resources to grow Fastmore market share
CHICAGO, Nov. 3, 2022 /PRNewswire/ -- Echo Global Logistics, Inc. ("Echo"), a leading provider of technology-enabled transportation and supply chain management services, today announced their acquisition of Fastmore Logistics ("Fastmore"), a leading Chicagoland transportation broker. Fastmore's extensive knowledge and core competency in selling domestic non-asset-based transportation services to international freight forwarders is a strong addition to Echo's business.
"We're excited to continue investing in industry growth opportunities, especially since going private with the Jordan Company almost one year ago," said Doug Waggoner, Chief Executive officer of Echo. "This transaction allows us to expand into a new target market and build on Fastmore's success."
"Expanding our client base to include the domestic transportation of international freight forwarders through Fastmore is a natural extension of our business," said Dave Menzel, President and Chief Operating Officer at Echo. "We're pleased to invest in their extensive knowledge of international forwarding operations and look forward to working with Ray Sciuckas and his team."
While Fastmore's domestic operations are akin to Echo's current portfolio of business, the acquisition provides Echo with a unique point of entry into an expansive network of expedited brokerage for the international freight forwarding market leveraging multiple equipment types, including cargo vans, straight trucks, and full truckload.
"Echo's knowledge and passion for the digital transformation of the supply chain industry itself are great to align with," said Ray Sciuckas, Founder and CEO of Fastmore Logistics. "We're excited to join the Echo family who will continue to invest in our core business while expanding our capabilities and service offerings to freight forwarding clients."
Republic Partners, LLC served as the financial advisor to Fastmore. Kirkland & Ellis, LLP served as legal advisor to Echo. Freeborn and Peters served as legal advisor to Fastmore.
About Echo Global Logistics
Echo Global Logistics, Inc. is a leading Fortune 1000 provider of technology-enabled transportation and supply chain management services. Headquartered in Chicago with more than 30 offices around the country, Echo offers freight brokerage and Managed Transportation solutions for all major modes, including truckload, partial truckload, LTL, intermodal, and expedited. Echo maintains a proprietary, web-based technology platform that compiles and analyzes data from its network of over 50,000 transportation providers to serve 35,000 clients across a wide range of industries and simplify the critical tasks involved in transportation management. For more information on Echo Global Logistics, visit: www.echo.com.
Fastmore was founded in 2005 with the goal of simplifying logistics. Since their inception, they have made their mission connecting shippers with carriers while improving the customer and carrier experience. Fastmore does this through collaboration, transparency and technology. For more information on Fastmore, visit: www.fastmore.com.
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