Hub Group to Acquire Asset-Based Dedicated-Truckload Carrier Estenson Logistics
Narrow-moat intermodal and highway brokerage specialist Hub Group entered an agreement to acquire privately held truckload carrier Estenson Logistics for $306 million in cash. Estenson offers asset-based dedicated-truckload services that provide contractual capacity solutions such as private fleet conversions. The firm generated $250 million of revenue in 2016 (7% of Hub’s consolidated 2016 gross revenue), with operating margins of about 6%-7%. We estimate that the total consideration implies an...Hub Group is a supply chain management company that provides transportation and logistics solutions. Through its network, the company arranges for the movement of freight in and out of every main city in the U.S., Canada and Mexico. The company's lines of business include: intermodal, which arranges for the movement of its customers' freight in containers and trailers; dedicated trucking, which provides a dedicated fleet of equipment and drivers to each customer; trust brokerage, which operates truck brokerage operations in the U.S.; and logistics, which provides a range of transportation management services and technology solutions, and delivers supply chain services to consumer-packaged goods clients.
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