In a continuation of its aggressive acquisition strategy, XPO Logistics has purchased last-mile logistics firm Optima Service Solutions for $26.6 million.
For the past year, Optima generated revenues of $35.7 million and earnings of $3.7 million; the firm has boasted a 16-percent growth rate over the past five years, according to an XPO press release.
"Optima is a fast-growing, highly scalable leader in its space, and expands the capabilities of our last-mile division, 3PD. It enhances our ability to provide a seamless in-home delivery experience for end customers, particularly with large appliances and electronics," Brad Jacobs, XPO's chief executive officer, said in a statement. "In addition, Optima benefits from the same powerful tailwind as 3PD: the growing inclination of retailers and manufacturers to outsource the last-mile logistics of heavy goods. We plan to leverage these synergies and integrate Optima’s proprietary software with our last-mile technology. This will create a single, powerful customer service platform that doesn’t exist in the last-mile sector today.”
In August, XPO completed its acquisition of 3PD, a deal valued at $365 million, and it purchased East Coast Air Charter for $9.25 million in February.
XPO saw revenues of $194 million in the third quarter, measuring a 173.3-percent increase, year over year, but the company reported a net loss that was double the $3 million loss it experienced in the third quarter of 2012. XPO officials predict having an annual revenue run rate of more than $1 billion by the end of 2013.