Echo Global Logistics Inc. said it has acquired Watsonville, California-based One Stop Logistics Inc. for $37.3 million.
In the past 12 months One Stop’s revenue grew about 14%, resulting in $50.7 million in revenue and earnings before depreciation, interest and taxes of $4.3 million, after adjusting for nonrecurring expenses, according to Echo.
“Effective with this transaction, we are raising 2014 gross revenue guidance to a range of $1.07 to $1.13 billion,” Echo Chief Financial Officer Kyle Sauers said in a statement.
According to Echo, $19.8 million was paid at closing, $13.8 million will be paid in January 2015 and $3.7 million will be paid in a year as part of an earn-out arrangement.
“One Stop is a profitable and impressive operator in the market for over-the-road transportation solutions,” Echo CEO Douglas Waggoner said. “With this acquisition, we continue to position Echo for further growth by expanding our national coverage and leveraging our technology, our carrier network and our service offering.”