XPO Logistics Inc., formerly known as Express-1 Expedited Solutions, on Friday, Sept. 2, completed the previously announced equity investment led by Jacobs Private Equity. Under the terms of the transaction, Jacobs Private Equity and minority co-investors will invest an aggregate of up to $150 million in cash in the Buchanan, Mich.-based company, including an investment by Jacobs Private Equity of up to $135 million.
Upon closing, Bradley Jacobs, managing director of Jacobs Private Equity, became the chairman of the company’s new board of directors, as well as chief executive officer. The transaction received stockholder approval by vote on Thursday, Sept. 1. Additionally, stockholders approved the company’s new name of XPO Logistics effective immediately. The stock will continue to trade under the symbol XPO.
Jacobs, founder of United Waste Systems, and the company announced June 14 that the transaction would make Jacobs the majority shareholder. Jacobs previously built two multibillion-dollar publicly traded companies: United Rentals Inc., the world’s largest equipment rental company, and United Waste Systems Inc., the fifth-largest solid waste company in the United States at the time of its sale.
“I plan to build a multibillion dollar transportation brokerage business over the next several years,” Jacobs said in June. “Express-1 is an ideal platform, with prominent positions in expedited services, freight brokerage and freight forwarding. I’m excited about leading the company into its next phase of growth.”