Brad Jacobs

So you look at XPO, for example.

We started out

The very first company we bought was a company called Express One, which is where XPO came from.

That was their ticker symbol.

They were a small cap company, less than $200 million market cap.

And their ticker symbol on what was then called the Amex was XPO.

And they were in a few things.

They did truck brokerage, which we liked.

They were doing Expedite, which we like, and they're doing freight forwarding, which is okay too.

And our original plan was, okay, let's buy this company and let's keep buying more companies in those three sectors, particularly the truck brokerage, but let's also add Intermodal.

So we thought Intermodal would go together.

And a few years later, we bought Pacer, which was a big Intermodal company.

And that was the original vision.

Over the course of time, we had opportunities presented to us to buy New Breed Logistics, which is, in my opinion, the best-run warehouse contract logistics company that's ever been around, that Louis DeJoy was selling at the time.

And I remember Eli Gross, who's now head of investment banking at Morgan Stanley, then he was running transportation, calling me up on a Sunday and saying,

I got an interesting deal down in North Carolina.

It's a little bit different, here in the sense that it wasn't in the original strategy.

It was a pivot.

And he said, it's a little bit off what your original strategy was, but I think it fits.

It fits real well.