XPO Logistics said Monday it has completed its previously announced acquisition of supply chain services company 3PD Inc. for about $365 million.
XPO said it financed the acquisition and related fees and expenses with the net proceeds of its recent $220.5 million public offering of common stock.
“Our acquisition of 3PD gives us immediate leadership in the heavy goods, last-mile space, an underpenetrated market for logistics with an exciting growth trajectory,” Bradley Jacobs, chairman and CEO of XPO Logistics, said in a statement.
“We’re right on plan for our long-term goal of creating a world-class 3PL with several billion dollars of revenue and several hundred million dollars of [earnings before interest, taxes, depreciation and amortization],” he said.
3PD is the largest non-asset, third-party provider of heavy goods, last-mile logistics in North America, XPO said.
3PD, based in Atlanta, was founded by Karl and Randy Meyer in 2001 to capitalize on rapid growth in the last-mile-logistics segment serving retail shippers.