Hub Group to Buy Out Local Partners

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Hub Group said it will exercise options to acquire the minority interests in 17 Hub operating companies for approximately $110 million.

Following the acquisitions, the intermodal marketing company, based in Lombard, Ill., will own all Hub Group operations in North America and Europe with the exception of Hub Group Distribution Services.

The transactions will be financed through unsecured senior debt.

ub Group Chairman Phillip C. Yeager said the action will enable the company to provide better service and improve efficiency.

“This initiative will further augment our ability to unify our marketing efforts, communicate more effectively and leverage our technology resources, thus maximizing our competitive advantage and leadership position,” Yeager said.

All of the principals of the operations being acquired will remain as employees of the Hub Group.