XPO Logistics Inc. has agreed to acquire New Breed Holding Company, a U.S. provider of non-asset based contract logistics services.
Purchase price of the deal is $615m on a cash-free, debt-free basis. At closing, New Breedís chief executive officer, Louis DeJoy, will use $30m of proceeds from the transaction to purchase restricted stock from the company. New Breed had revenues of approximately $597m for the 12-month period ending June 30, 2014. It specializes in services for omni-channel distribution, reverse logistics, transportation management, freight bill audit and payment, lean manufacturing support, aftermarket support and supply-chain optimization. In a related announcement, XPO Logistics has completed the acquisition of Atlantic Central Logistics, a non-asset-based provider of last-mile logistics with 14 East Coast locations. Cash purchase price of that deal was $36.5m.