- Hub Group ( NASDAQ: HUBG ) said Monday it acquired TAGG Logistics - an e-commerce, B2B and omnichannel fulfillment solution provider - for $103M, funded with cash on hand.
- HUBG granted contingent compensation to TAGG's senior management to incentivize their retention.
- TAGG expects to generate ~$200M of annual revenue in 2022.
- The acquisition bolsters HUBG's presence in the consolidation and fulfillment space and adds an e-commerce offering .
- It also adds scale to HUBG's logistics service line and is expected to result in complementary cross-selling opportunities for HUBG's and TAGG's customer bases.
- On Aug. 8, HUBG repurchased ~$35M of class A and class B stock at the class A stock closing price of $80.83/share.
- HUBG's board approved an increase to its repurchase authorization so that $75M remained under the program.
- Since then, HUBG purchased an additional $15M of class A, bringing total repurchases to ~$50M this quarter.
For further details see:
Hub Group acquires TAGG Logistics for $103M in cash