Chicago-based third-party logistics services (3PL) provider Echo Global Logistics has acquired Fastmore Logistics, also based in the Chicago area. Terms of the deal were not disclosed.
Fastmore specializes in selling domestic non-asset-based transportation services to international freight forwarders, adding to Echo’s transportation and supply chain management service offering.
Fastmore's domestic operations align with Echo's business portfolio, but the acquisition offers a “unique point of entry” into a network of expedited brokerage for the international freight forwarding market leveraging multiple equipment types, including cargo vans, straight trucks, and full truckload, the companies said.
“We're excited to continue investing in industry growth opportunities …,” Echo’s Chief Executive officer Doug Waggoner said in a press release. “This transaction allows us to expand into a new target market and build on Fastmore's success.”
Company President and Chief Operating Officer Dave Menzel added: “Expanding our client base to include the domestic transportation of international freight forwarders through Fastmore is a natural extension of our business. We're pleased to invest in their extensive knowledge of international forwarding operations and look forward to working with Ray Sciuckas [Fastmore’s founder and CEO] and his team.”