Brad Jacobs (entrepreneur)

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Brad Jacobs
Born (1956-08-03) August 3, 1956 (age 65)
Providence, Rhode Island, U.S.
Education
OccupationBusinessman
Known for

Bradley "Brad" Jacobs (born August 3, 1956 in Providence, Rhode Island) is an American businessman. He is chairman and chief executive officer of XPO Logistics, Inc.,[2][3][4][5] non-executive chairman of GXO Logistics,[6][7][8] and managing director of Jacobs Private Equity, LLC.[9]

Early life and education[]

Jacobs was born in Providence, Rhode Island. He attended Northfield Mount Hermon School, Bennington College and Brown University.[10]

Career[]

Jacobs has built five billion-dollar or multi-billion-dollar corporations from scratch, including three publicly traded corporations — United Waste Systems, United Rentals, XPO Logistics — whose share prices rose more than 1,000% after Jacobs took control.[11][12]

Over the course of his career, Jacobs has completed approximately 500 acquisitions and 250 greenfield openings, and raised more than $25 billion in debt and equity capital financing, including two IPOs.[13] Jacobs ranked 300 on the Forbes 400 list, with a net worth of $3.7 billion as of August 2021.[14]

Amerex Oil Associates, Inc.[]

In 1979, Jacobs co-founded Amerex Oil Associates Inc., an oil brokerage firm with offices in New Jersey, Houston, London, and Tokyo.[9][15][16] He served as Amerex's chief executive officer until the firm was sold in 1983. During that time, the company's annual gross contract volume had grown to approximately $4.7 billion.[9]

Hamilton Resources Ltd.[]

In 1984, Jacobs moved to London and founded Hamilton Resources Ltd., an oil trading company.[10] In founding the company, Jacobs had used the bulk of his savings and a $1 billion line of credit from Banque Paribas.[16] He grew Hamilton to approximately $1 billion in annual revenue.[10]

United Waste Systems, Inc.[]

In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small garbage collectors that had overlapping routes in rural areas.[15] Jacobs served as chairman and chief executive officer,[17] and in 1992 he took the company public. In August 1997, after the company had made more than 200 acquisitions,[18] Jacobs sold United Waste Systems to USA Waste Services Inc. (now Waste Management, Inc.) for $2.5 billion.[16][19][20] When United Waste Systems was sold, it was the fifth-largest solid waste management company in North America, and its stock had outperformed the S&P 500 Index by 5.6 times since its IPO.[9][19][21]

United Rentals, Inc.[]

In September 1997, Jacobs formed United Rentals,[15][19] serving as the new company's chairman and chief executive officer. He took the company public three months later on the New York Stock Exchange with the ticker symbol URI.[22][23][15] Jacobs grew United Rentals through a strategy of consolidating equipment rental dealers in North America.[17][24][25] In the 10 years that Jacobs led the company (1997-2007), the company completed more than 250 acquisitions and its stock outperformed the S&P 500 Index by 2.2 times.[26][27][28] In 2007, Fortune magazine ranked United Rentals as the 536th largest public corporation in America, with $3.9 billion in revenue and 690 locations.[29][9]

XPO Logistics, Inc.[]

In 2011, Jacobs invested approximately $150 million in Express-1 Expedited Solutions, a third-party logistics and transportation service provider trading at the time on the American Stock Exchange as XPO.[16] He assumed the roles of chairman of the board and chief executive officer,[30][31] gained ownership of approximately 71 percent of the company,[18] and renamed it XPO Logistics.[32] Jacobs listed the company on the New York Stock Exchange, retaining the ticker symbol XPO.[33]

In February 2012, Jacobs announced plans to grow XPO's revenue from $175 million to $5 billion within five years through M&A.[34] By the end of 2016, he had turned XPO into a $15 billion global company.[35] XPO reported revenue of $16.3 billion in 2020.[36]

Jacobs was ranked the Best CEO in Transportation in Institutional Investor's 2022 All-America Executive Team awards.[37] In 2018, he was ranked 10th on Barron's list of the World's Best CEOs[38] and listed 7th on Glassdoor's Top CEOs of 2018 list in France,[39] and 20th in the UK.[40]

In December 2020, Jacobs announced plans to spin off XPO's logistics segment as GXO Logistics, creating two, independent companies: XPO as a provider of freight transportation services and GXO as the world's largest pure-play provider of contract logistics services.[41] The spin-off was completed in August 2021. Jacobs became non-executive chairman of GXO's board of directors and remained chairman and CEO of XPO.[42]

Personal life[]

Jacobs and his wife currently reside in Greenwich, Connecticut.[10][43]

References[]

  1. ^ "Brad Jacobs". Fortune. July 16, 2021.
  2. ^ Susie Gharib (July 5, 2017). "How to Deal With Doubters, According to One Fortune 500 CEO". Fortune.
  3. ^ Josh Kosman (August 16, 2017). "Overstock looking to gain advantage with potential 2-day delivery". New York Post.
  4. ^ Ryan, Lidia (March 6, 2018). "16 Connecticut residents make Forbes 2018 list of billionaires". GreenwichTime. Retrieved March 6, 2018.
  5. ^ Jacobs, Brad (April 16, 2020). "XPO Logistics Releases Chairman's Letter to Stockholders". XPO.com. Retrieved December 9, 2020.
  6. ^ Stinson, Jim (July 30, 2021). "From sapling to pure-play LTL: The story of XPO Logistics under Jacobs". Transport Dive. Retrieved September 9, 2021.
  7. ^ Cassidy, William (September 3, 2021). "After 10 years, XPO still surprises". William B. Cassidy (JOC). Retrieved September 9, 2021.
  8. ^ Ian, Putzger (March 8, 2021). "XPO Logistics gears up for a divided future on record results for Q2". The Loadstar. Retrieved September 9, 2021.
  9. ^ a b c d e "Jacobs Private Equity, LLC". Jacobs Private Equity. Retrieved August 20, 2016.
  10. ^ a b c d "Near Misses". Forbes. October 11, 1999. Retrieved November 11, 2011.
  11. ^ "Bradley Jacobs: The maestro of mergers". Forbes India. Retrieved July 22, 2019.
  12. ^ "Where Will XPO Logistics Be In 1 Year?". The Motley Fool. Retrieved July 22, 2019.
  13. ^ Smith, Jennifer. "Bradley Jacobs Has Acquired More Than 500 Companies. Here's What He Has Learned". Forbes. Retrieved July 1, 2019.
  14. ^ "Brad Jacobs". Fortune. Retrieved August 26, 2021.
  15. ^ a b c d "United Rentals, Inc. – Company History". Fundinguniverse.com. Retrieved November 11, 2011.
  16. ^ a b c d "June 4, 2005 Entrepreneur tells of unknown future". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  17. ^ a b "October 1, 2003 United Rentals CEO Steps Down". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  18. ^ a b Zimmerman, Kevin (November 17, 2017). "XPO Logistics: Fast growth through acquisitions and management style". Westfair Communications. Retrieved December 27, 2017.
  19. ^ a b c Silvia Sansoni (April 8, 1996). "The earth mover". Forbes. Retrieved November 11, 2011.
  20. ^ "The big bet of Brad Jacobs". DCVelocity. January 9, 2012. Retrieved May 12, 2016.
  21. ^ "Jacobs Private Equity". jpe.com. Retrieved July 22, 2019.
  22. ^ Lipin, Steven (June 17, 1998). "United Rentals Business Bores Everyone Except Shareholders". Wall Street Journal. Retrieved May 22, 2020.
  23. ^ "United Rentals Makes Offer For Acquisition-Minded Rival – New York Times". The New York Times. April 6, 1999. Retrieved November 11, 2011.
  24. ^ Brandey Chewning Smith, RER (November 1, 2003). "United Rental CEO". Rermag.com. Retrieved November 11, 2011.
  25. ^ Wall Street Journal, June 17, 1998, “United Rentals Business Bores All but Holders”
  26. ^ Christine Coleman. "Hoxie, Jacobs and Plugge join the Rental Hall of Fame". rermag.com. Retrieved November 11, 2011.
  27. ^ "Jacobs, Hoxie and Plugge to be Inducted in Rental Hall of Fame". Rermag.com. October 31, 2008. Retrieved November 11, 2011.
  28. ^ "Chief Executive Plans to Leave United Rentals – New York Times". The New York Times. September 30, 2003. Retrieved November 11, 2011.
  29. ^ "FORTUNE 500 2007: United Rentals". CNN. Retrieved November 11, 2011.
  30. ^ "The big bet of Brad Jacobs". dcvelocity.com. January 9, 2012. Retrieved June 6, 2012.
  31. ^ A. Ananthalakshmi (October 6, 2011). "DealTalk: Brad Jacobs: a U.S. transport serial acquirer". Reuters. Archived from the original on November 9, 2011. Retrieved November 11, 2011.
  32. ^ Jones, Del. "XPO Logistics CEO Brad Jacobs Centers His Strategy Around Tech". Forbes. Retrieved July 1, 2019.
  33. ^ "Jacobs has big plans for Express-1 expediter". greenwichtime.com. February 7, 2012.
  34. ^ Black, Thomas (October 2, 2017). "With His Stock Up 330%, a Serial Dealmaker Seeks Biggest Hit Yet". Bloomberg.
  35. ^ "Keep on trucking: Greenwich's XPO Logistics sees no limit to growth". GreenwichTime. Retrieved October 19, 2017.
  36. ^ "XPO Logistics Announces Fourth Quarter and Full Year 2020 Results". news.xpo.com. Retrieved February 15, 2021.
  37. ^ "Institutional Investor Publishes 2022 All-America Executive Team Rankings". Globe Newswire. November 16, 2021. Retrieved January 2, 2022.
  38. ^ "The World's Best CEOs: Barron's Readers' Picks". Retrieved July 15, 2018.
  39. ^ "Le Top Des PDG France". Glassdoor. Retrieved July 15, 2018.
  40. ^ "Top CEOs UK". Glassdoor. Retrieved July 15, 2018.
  41. ^ Pasetti, Alessandro & Gavin van Marle (May 8, 2021). "Against the odds: XPO & GXO Logistics – winning pinball with the sum of the parts". The Loadstar. Retrieved September 9, 2021.
  42. ^ "3 Things You Should Know About XPO Logistics' New Spinoff". seattlecommunitymedia.org. Retrieved September 1, 2021.
  43. ^ Gara, Antoine. "Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire". Forbes. Retrieved July 1, 2018.
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