CHICAGO, Nov. 19, 2021 /PRNewswire/ -- Echo Global
Logistics, Inc. (Nasdaq: ECHO) ("Echo" or the "Company"), a leading
provider of technology-enabled transportation and supply chain
management services, today announced that its stockholders approved
the proposed merger of Echo and Einstein Merger Sub, Inc. ("Merger
Sub"), a Delaware corporation and
a wholly owned subsidiary of Einstein MidCo, LLC ("Parent"), a
Delaware limited liability company
and an affiliate of The Jordan Company, L.P., a global private
equity firm, pursuant to the Agreement and Plan of Merger, dated as
of September 9, 2021 (the "Merger
Agreement"), by and among the Company, Merger Sub and Parent.
Subject to the terms of the Merger Agreement, at the effective time
of the merger, Merger Sub will merge with and into Echo, with Echo
surviving the merger as a wholly owned subsidiary of Parent (the
"Merger").
Subject to the satisfaction or waiver of the remaining
conditions to closing, the Merger is expected to close on
November 23, 2021.
About Echo Global Logistics
Echo Global Logistics, Inc. (Nasdaq: ECHO) is a leading Fortune
1000 provider of technology-enabled transportation and supply chain
management services. Headquartered in Chicago with more than 30 offices around the
country, Echo offers freight brokerage and Managed Transportation
solutions for all major modes, including truckload, partial
truckload, LTL, intermodal, and expedited. Echo maintains a
proprietary, web-based technology platform that compiles and
analyzes data from its network of over 50,000 transportation
providers to serve 35,000 clients across a wide range of industries
and simplify the critical tasks involved in transportation
management. For more information on Echo Global Logistics, visit:
www.echo.com.
About The Jordan Company
The Jordan Company ("TJC"), founded in 1982, is a middle-market
private equity firm that has managed funds with original capital
commitments in excess of $17 billion
since 1987 and a 39-year track record of investing in and
contributing to the growth of many businesses across a wide range
of industries, including Consumer & Healthcare; Industrials;
Technology, Telecom & Utility; and Transportation &
Logistics. The senior investment team has been investing together
for over 20 years and it is supported by the Operations Management
Group, which was established in 1988 to initiate and support
operational improvements in portfolio companies. Headquartered in
New York, TJC also has offices in
Chicago and Stamford. For more
information, please visit www.thejordancomapny.com.
Forward-Looking Statements
All statements made in this release, other than statements of
historical fact, are or may be deemed to be forward-looking
statements. These statements are forward-looking statements under
the federal securities laws. We can give no assurance that any
future results discussed in these statements will be achieved.
These statements are based on current plans and expectations of
Echo Global Logistics, Inc. and involve risks, uncertainties and
other factors that may cause our actual results, performance or
achievements to be different from any future results, performance
or achievements expressed or implied by these statements. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: (1) conditions to the closing of the
transaction may not be satisfied and required regulatory approvals
may not be obtained; (2) the transaction may involve unexpected
costs, liabilities or delays; (3) the business of Echo may suffer
as a result of uncertainty surrounding the transaction; (4) the
outcome of any legal proceedings related to the transaction; (5)
Echo may be adversely affected by other economic, business,
legislative, regulatory and/or competitive factors; (6) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (7) risks
that the transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
transaction; (8) the failure to obtain the necessary debt financing
arrangements set forth in the commitment letter received in
connection with the transaction; and (9) other risks to
consummation of the transaction, including the risk that the
transaction will not be consummated within the expected time period
or at all. If the transaction is consummated, the Echo's
stockholders will cease to have any equity interest in Echo and
will have no right to participate in its earnings and future
growth. Additional factors that may affect the future results of
Echo are set forth in its filings with the SEC, including its
Annual Report on Form 10-K for the year ended December 31, 2020, which are available on the
SEC's website at www.sec.gov. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date thereof.
INVESTOR RELATIONS CONTACTS:
Pete
Rogers
Chief Financial Officer
Echo Global Logistics
312-676-4584
Zach Jecklin
SVP of Strategy
Echo Global Logistics
312-784-2046
MEDIA CONTACT:
Christopher
Clemmensen
SVP of Marketing
Echo Global Logistics
312-784-2132
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SOURCE Echo Global Logistics, Inc.
