Express-1 Expedited Solutions, Inc. (NYSE Amex: XPO) (“Express-1” or the “Company”) today announced that it has filed with the Securities and Exchange Commission, and will commence mailing of, definitive proxy materials in connection with the proposed equity investment in the Company led by Jacobs Private Equity, LLC. As previously announced on June 14, 2011, Express-1 has entered into an agreement under which Jacobs Private Equity and minority co-investors will invest an aggregate of up to $150 million in cash in the Company, including amounts payable upon exercise of warrants to be purchased under the agreement.
A special meeting of the Company’s stockholders will be held at 441 Post Road, Buchanan, Mich., at 9:00 a.m. EDT, on Thursday, September 1, 2011. Among other matters, stockholders will consider and vote on the proposed equity investment, as well as a proposed renaming of the Company as XPO Logistics, Inc. Stockholders of record as of the close of business on August 1, 2011, will be entitled to vote at the special meeting.
Bradley S. Jacobs, managing director of Jacobs Private Equity, said, “I'm looking forward to creating a multi-billion dollar third party logistics business under the new banner of XPO Logistics. The company's existing expertise in truckload brokerage, expedited services and freight forwarding gives us a very strong platform for growth."
The board of directors of the Company has approved the proposed equity investment and recommends that all Company stockholders vote “FOR” the approval of the proposed transaction and the related proposals set forth in the definitive proxy materials. Stockholders are encouraged to read the definitive proxy materials in their entirety as they provide a detailed discussion of the proposed transaction and each of the related proposals.
Stockholders who have questions about the proposed equity investment or the related proposals, or who need assistance in submitting their proxy or voting their shares, should contact the proxy solicitor, Innisfree M&A Incorporated, at (888) 750-5834 or
About Express-1 Expedited Solutions, Inc.
Founded in 1989, Express-1 is a non-asset-based, third-party logistics services provider that uses a network of relationships with ground, sea and air carriers to find the best transportation solutions for its customers. The Company offers its services through three distinct business units: Express-1, Inc. (expedited transportation solutions), the fifth largest U.S. expedited freight service provider, according to
The Journal of Commerce
; Concert Group Logistics, Inc. (domestic and international freight forwarding); and Bounce Logistics, Inc. (premium truckload brokerage). The Company serves more than 4,000 retail, commercial, manufacturing and industrial customers through six U.S. operations centers and 22 agent locations. In 2010, the Company completed more than 144,000 transactions for customers and generated revenues of approximately $158 million.
About Bradley S. Jacobs
Since 1979, Bradley S. Jacobs has founded and led four highly successful companies, including two multi-billion dollar, publicly traded corporations: United Rentals (NYSE: URI), the world’s largest equipment rental company, and United Waste Systems, which was sold in 1997 for $2.5 billion. As chairman of United Rentals from 1997 through 2007, Jacobs grew the company to $3.9 billion in revenues, with more than 700 branch locations, 13,000 employees, and a ranking as the 536th largest public corporation in America by
Jacobs founded United Waste in 1989 and built it into the fifth largest solid waste management business in North America. In 1987, he founded Hamilton Resources (UK) Ltd., a worldwide oil trading company that served major oil companies and oil-producing countries and generated annual revenues of approximately $1 billion. In 1979, he co-founded Amerex Oil Associates, Inc., creating one of the world’s largest oil brokerage firms, with an annual gross contract volume of approximately $4.7 billion.