DOWNERS GROVE, Ill.
April 4, 2011
Hub Group, Inc.
(NASDAQ: HUBG), one of the nation's leading freight transportation management companies, announced today that it purchased Exel Transportation Services (ETS) for
before post closing adjustments. ETS is now a wholly-owned subsidiary of Hub Group, operating independently under the name Mode Transportation.
"We are extremely pleased to welcome Mode's Independent Business Owners (IBOs), employees, and customers into the Hub Group family," said
, Hub Group Chairman and Chief Executive Officer. "This is an important day in the history of Hub. We are bringing together two strong and successful companies with highly complementary service offerings. Mode is the strongest third-party agent network in the industry with outstanding customer relationships and a diverse portfolio of solutions, including temperature protected services. We are looking forward to working with the Mode Transportation team to continue its growth and expansion in the years to come."
Mode Transportation consists of about 300 IBOs who sell and operate the business throughout
, corporate offices in
, a Company Managed Operation in
and a temperature protected services division, Temstar, located in
Mode Transportation's sales for the year ended
December 31, 2010
. The largest components were: intermodal revenue of
, truck brokerage revenue of
, and LTL revenue of
Key leadership, including President
, will continue in their current roles with Mode Transportation. Jim stated, "We are excited to become a part of a well respected transportation company with a history of growth and innovation. We believe access to Hub Group's dedicated fleet and efficient drayage operations, among other benefits, will allow us to outpace the competition."
Mode Transportation will remain headquartered in