Posted: Friday, October 26th 2012 at 11:05am
Turbo Logistics acquired by XPO Logistics
GAINESVILLE - Turbo Logistics, the truckload brokerage division of Ozburn-Hessey Logistics, LLB, has been acquired by XPO Logistics for $50 million. The deal became official Wednesday, according to XPO officials
Turbo Logistics has approximately 170 employees and serves more than 600 customers through its four locations. XPO is aiming to keep the current employees in place, including David Coker and Jeff Battle continuing to lead the Gainesville location.
Coker, president of the Gainesville branch division, called the acquisition very positive.
"XPO puts us in a perfect position to pull our brokerage out of the company we've been with and to hook up with a company that's on a fast track for growth."
XPO is hoping to take the headcount at Turbo to more than 400 over the next three years in both the Gainesville location and Sparks, Nev.
"We've let all our people know and they've been assured that we're in the growth mode. We're going to be hiring. That's just the motto right now, is grow and hire more people," Coker said.
XPO chairman and CEO Brad Jacobs said what made Turbo attractive was it's people.
"These are people who have been living, breathing and eating transportation for a good part of their adult life, and the last thing in the world we want is to fire them or them to resign. Neither of those things are likely to happen.
Turbo's proximity to universities in Georgia and South Carolina was also an interest to XPO.
"Gainesville was of interest to us because there's a good talent pool," Jacobs added.
Coker and XPO Chief Operating Officer Sean Fernandez said they'd be reaching out to the state.
"We hope to be a mega-center here, it really depends on the state of Georgia and the incentives they'll make available," Fernandez said.
XPO Logistics is majority-owned by Jacobs. The company serves more than 7,200 retail, commercial, manufacturing and industrial customers in North America and Canada through 33 branches and 23 agent offices.
"The truck brokerage business that Turbo is in, is the core business that XPO is also in. It's a marriage that works very well together," Fernandez said.
"Just locally, we've got a great group of associates here that have a tremendous amount of tenure here with the company that have made us successful in the past. Everybody is excited about this new opportunity to go forward," Coker said.
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