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Echo Global Logistics Inc ECHO

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Morningstar’s Analysis

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Private Equity Firm Jordan Company Strikes Deal to Take Echo Private

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Private equity firm The Jordan Company struck an agreement to acquire narrow-moat truck brokerage specialist Echo Global Logistics for $48.25 per share in cash; the transaction will make Echo a privately held entity. Echo’s board of directors unanimously approved the offer. In short, we are raising our fair value estimate to roughly $48 per share to reflect TJC’s offer for all outstanding shares--our previous $28 DCF-derived fair value estimate reflects our take on Echo’s stand-alone prospects. The deal is slated to close in the fourth quarter. We note that TJC’s portfolio companies currently include several other smaller transportation management and freight brokerage entities.

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Company Profile

Business Description

Founded in 2005, Echo Global Logistics is an asset-light third-party logistics provider primarily focused on domestic truckload and less-than-truckload brokerage. It also offers intermodal and international air and ocean freight forwarding services, though to a lesser degree. Key strategic initiatives include gaining organic market share in the highly fragmented brokerage industry and supplementing its sales capabilities through tuck-in acquisitions. Echo completed its initial public offering in October 2009.

600 West Chicago Avenue, Suite 725
Chicago, IL, 60654
T +1 800 354-7993
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 2,593