Freight management company XPO Logistics said today it has completed its acquisition of 3PD Inc., the nation's biggest provider of heavy goods delivery.
The $365 million deal gives XPO an immediate leadership position in the last-mile, heavy goods delivery segment. 3PD's customer base includes numerous furniture manufacturers and retailers.
Bradley Jacobs, chairman and CEO of XPO, described the last-mile, heavy goods segment as "an underpenetrated market for logistics with an exciting growth trajectory."
"We welcome 3PDs customers, carriers and employees, all of whom will benefit from the combined resources of our larger organization," said Jacobs.
According to XPO, 3PD had revenues of $312 million for the 12 month ended May 31.
Publicly traded XPO, meanwhile, reported revenues of $278.6 million for the 2012 calendar year. It has grown rapidly in recent years through numerous acquisitions, and the 3PD purchase is its fourth deal this year.
XPO financed its latest acquisition largely with funds from a $220.5 million secondary public stock offering.
Each member of 3PD's executive team has agreed to join XPO, the company said.
