CHICAGO, June 5, 2012 (GLOBE NEWSWIRE) -- Echo Global Logistics, Inc. (Nasdaq:ECHO), a leading provider of technology-enabled transportation and supply chain management services, has acquired substantially all of the assets of Plum Logistics, LLC ("Purple Plum"), a truckload (TL) transportation brokerage located in Wakefield, MA. Effective immediately, Purple Plum will begin doing business as Echo Global Logistics, Inc.
Founded in July 2008 by Sam Freni, Purple Plum is a non-asset service provider that specializes in temperature-controlled truckload solutions. With this acquisition, Echo expands its sales organization and customer relationships, while further developing its truckload capabilities to include additional temperature-controlled carrier relationships throughout the United States and Canada. Echo clients will now enjoy greater flexibility in tailoring multimodal solutions to the needs of their business.
"Our growth strategy continues to focus on ensuring we have the service capabilities to satisfy all of the needs of our clients," said Douglas R. Waggoner, Chief Executive Officer of Echo Global Logistics. "Refrigerated freight service is a strategic component of Echo's expanding service offering, and the acquisition of Purple Plum enhances our ability to offer our clients the simplicity of a complete transportation management solution."
"Purple Plum looks forward to joining the Echo team and contributing to the temperature controlled truckload capabilities of Echo," said Sam Freni, who will continue with Echo as a Regional Vice President. "Echo offers established technology, an extensive sales organization and a proven ability to service and grow its relationships with clients. Echo has retained the entire Purple Plum workforce in connection with this acquisition.
During the prior 12 months, Purple Plum had approximately $17 million in gross revenue.
About Echo Global Logistics
Echo Global Logistics, based in Chicago, is a leading provider of technology-enabled transportation and supply chain management services, delivered on a proprietary technology platform, serving the transportation and logistics needs of its clients. Echo maintains a web-based technology platform that compiles and analyzes data from its network of over 24,000 transportation providers to serve its clients' shipping and freight management needs. Echo procures transportation and provides logistics services for clients across a wide range of industries, such as manufacturing, construction, consumer products and retail. For more information on Echo, visit: www.echo.com.
Forward-Looking Statements
This release contains statements relating to future results. These statements are forward-looking statements under the federal securities laws. We can give no assurance that any future results discussed in these statements will be achieved. Any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. These statements are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from the statements contained in this release. For a discussion of important factors that could affect our actual results, please refer to our SEC filings, including the "Risk Factors" section of our Form 10-K for our most recently completed fiscal year.
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