XPO Logistics Inc. said Dec. 11 it has agreed to purchase NLM, a web-based expediter, from Landstar System for $87 million in cash.
NLM has a proprietary online auction system for carriers to bid on loads and generated $9.8 million in earnings before interest and taxes in the 12 months ended in November, according to XPO. Landstar, based in Jacksonville, Fla., ranks No. 9 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
Landstar announced an after-tax gain on the sale of $32 million, or 71 cents per share, and a special dividend of 35 cents per share.
“The addition of NLM, the largest Web-based expediter in North America, will give us an entry into managed transportation — an area of logistics that has been of keen interest to us for some time,” XPO Logistics CEO Bradley Jacobs said in a statement.
The supply chain companies generated revenue of $17.1 million and net income of $2.7 million in the first three quarters of 2013, Landstar’s statement said.