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"It makes sense to sell it off to gain some 'dry powder' for more strategically aligned acquisitions. "With Hub Highway’s and Unyson’s domestic transportation management businesses growing well and Hub’s market-leading intermodal offering, Mode had become an operational duplicate which was not needed strategically," he said. He also noted that it was exactly the kind of acquisition Hub had been patiently awaiting: a strong operating and sales organization that compliments Hub’s core competencies.Įvan Armstrong, president of supply chain consultancy Armstrong & Associates, call the selling off of Mode a "good move" by Hub. When Hub acquired Mode, CEO Yeager said that Mode’s services were very complimentary to Hub’s and would give Hub more scale.
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With a fleet of more than 4,000 drivers and 5,500 trailers, our award. We work side-by-side with you to counteract supply chain pressures, strengthening the most important segments of your network with a truly customized dedicated solution. Its functions through a network of independent business owners that sell and operate the business throughout North America. Hub Group’s dedicated trucking service brings industry-leading quality and service to your business. Mode is a non-asset 3PL offering truckload, less-than-truckload, intermodal, ocean, rail, air, and managed transportation services. Hub subsequently re-named Exel as Mode Transportation. Hub Group acquired Dallas-based Mode in April 2011, when it acquired asset-light transportation company Exel Transportation Services (ETS), a subsidiary of Deutsche Post World Net, for $83 million. “We look forward to continuing to serve our agent, customer and carrier community." “We are excited about joining forces with York and the support they will provide as we execute our growth plan,” he said. Mode President Jim Damman said that Mode is an exceptional agent-based transportation solutions provider differentiated by customer-specific expertise, offerings across all modes of freight transportation and leading edge technology and analytics. The talented Mode team, combined with York's expertise and significant resources, positions Mode well for realizing the next chapter of its growth." “While Mode has been very successful, there was a lack of strategic alignment with Hub's centralized business model. "Mode has an excellent management team, with a strong, solid agent base and loyal customers,” said David Yeager, Hub Group Chairman and Chief Executive Officer, in a statement. And it added that proceeds from this sale will go towards acquisitions of businesses in both new and existing service lines, with Hub saying it is focused on acquiring high quality businesses that will deepen its relationships with its customers, strengthen its platform for growth and create shareholder value. The sales figure, Hub said, is equivalent to 10x Mode’s adjusted EBITDA for the 12 months ended June 30, 2018. Hub officials said this sale represents the byproduct of an exploration of strategic alternatives for Mode that was undertaken by the Hub Group Board of Directors, which they said is part of an ongoing review of alternatives for creating shareholder value that it announced in August. We will work with you to reduce your costs while creating a risk management and insurance solution designed to keep your transportation business insured.Freight transportation services provider Hub Group announced late last week it entered into a definitive agreement to sell Mode Transportation, a subsidiary company, to an affiliate of global private investment firm, York Capital Management, for roughly $238.5 million. HUB's transportation insurance experts have an in-depth understanding of practices and needs unique to your industry.
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We’ll work together with you to develop that policy, reduce your transportation insurance costs, and create a personalized risk management solution for your transportation business. We can work with you to mitigate the risks and costs associated with the general liability insurance coverage, corporate civil liability, civil liability in transportation of goods, damage and theft, workers' compensation and employee benefits. You want to manage all the risks associated with your transport activity. Whether you're a simple owner-operator or responsible for a fleet of commercial vehicles, road accidents are not your only concern when it comes to operating a transportation business.
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Comprehensive Transportation Insurance for the Road to Success