The Jordan Company

Echo CEO Waggoner to The Jordan Company: ‘Let me run faster’

Shareholders of Echo Global Logistics (NASDAQ: ECHO), a leading Chicago-based third-party logistics provider, will gather Friday for an extraordinary meeting to vote on the 3PL’s acquisition by private equity firm The Jordan Company for $48.25 per share.

Echo’s management team is proud of the deal they struck with Jordan — $48.25/share represented a premium in excess of 50% of the company’s stock price when the deal was announced — and considers it a win for shareholders. But more than the...

https://www.freightwaves.com/news/echo-ceo-waggoner-to-the-jordan-company-let-me-run-faster

Echo going to debt market; highly speculative ratings issued

Echo Global Logistics may be about to be acquired by The Jordan Co., but it is going to be Echo’s name on a pair of newly rated debt instruments to be issued as part of the acquisition.

Echo (NASDAQ: ECHO) and the new debt offering as part of the merger were given what amounts to a pair of mirror-image ratings by Moody’s Investors Service and Standard & Poor’s Global Ratings earlier this week. 

The ratings in both cases are at a level described as highly speculative. They are not investment-grade...

https://www.freightwaves.com/news/echo-going-to-debt-market-highly-speculative-ratings-issued

Broker Echo Global Logistics exits on a high

Brokerages remain hot M&A targets

Freight broker Echo Global Logistics rides a hot transportation market one last time, publicly at least, to beat third-quarter estimates on Tuesday. The company reported adjusted earnings of 93 cents per share, 20 cents ahead of consensus and more than double the year-ago result of 40 cents.

Echo (NASDAQ: ECHO) announced in September that it entered into an agreement to be acquired by private equity firm The Jordan Co. in a deal that values Echo at $1.3 billion.

Echo’s consolidated revenue was up...

https://www.freightwaves.com/news/broker-echo-global-logistics-exits-on-a-high

Undervalued broker Echo punches out at a premium

Echo now valued on par with peers

Freight brokerage Echo Global Logistics announced Friday that it would be taken private by middle-market private equity shop The Jordan Co. (TJC) in a deal valued at $1.3 billion.

TJC will pay cash for the outstanding shares of Echo at a price of $48.25, a 54% premium to Thursday’s closing price and 32% higher than the stock’s all-time high recorded in September 2018.

Over the last three months, Echo’s (NASDAQ: ECHO) shares traded in a range of $27 to $33 per share, which valued its...

https://www.freightwaves.com/news/lower-valued-broker-echo-punches-out-at-a-premium

Echo Global being acquired by private equity firm Jordan Co.

It looks like Wall Street was undervaluing Echo Global Logistics.

In a deal announced Friday morning, the private equity firm Jordan Co., which has 3PL experience in an earlier ownership of GlobalTranz, said it was acquiring Echo for $48.25 per share.

That is a roughly 54% premium over the closing stock price of Echo (NASDAQ: ECHO) Thursday of $31.32.

The deal will take Echo off the public equity markets. In its prepared statement, Echo said the transaction will allow it to have “additional...

https://www.freightwaves.com/news/echo-global-being-acquired-by-private-equity-firm-jordan-co

Freight forwarder AIT Worldwide makes equity partner move

Global freight forwarder AIT Worldwide Logistics announced an agreement Wednesday to recapitalize with The Jordan Company (TJC), a middle-market financial firm with a background in transportation and logistics investments like Capstone Logistics and GlobalTranz Enterprises. 

AIT Worldwide will conclude its current equity partnership with Quad-C Management, which will sell its full stake to TJC at the end of March. The recapitalization is said to be valued at over $1.2 billion.

“TJC has proven...

https://www.freightwaves.com/news/freight-forwarder-ait-worldwide-makes-equity-partner-move

Capstone Logistics returns to H.I.G. Capital

Truck parked at facility door

Alternative investment firm H.I.G. Capital announced that an affiliate company has entered into an agreement to acquire Capstone Logistics from an affiliate company of private equity firm The Jordan Co.

Based in Peachtree Corners, Georgia, Capstone was formed by H.I.G. Capital in 2011, when it merged portfolio company Progressive Logistics Services with LMS Intellibound. H.I.G. sold Capstone to The Jordan Company in 2014.

Financial terms were not disclosed. The deal is expected to close in...

https://s29755.pcdn.co/news/capstone-logistics-returns-to-hig-capital

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