William B. Cassidy, Senior Editor | Mar 21, 2012 2:05PM EDT
XPO Logistics raised $136.7 million through a public stock offering, exceeding its initial expectations as it secured funds for acquisitions and expansion.
The non-asset expedited transportation and freight brokerage business hoped to raise $126 million when it launched its offering earlier this month.
XPO sold 9.2 million shares of common stock, including 1.2 million shares that went to the investment banking firms that underwrote the public offering.
The Buchanan, Mich.-based company said it intends to use the proceeds of the stock offering for “general corporate purposes,” including potential acquisitions.
XPO, formerly Express-1 Expedited Solutions, increased operating revenue 12 percent in 2011 to $177.1 million and reported a net profit of $759,000.
Contact William B. Cassidy at wcassidy@joc.com. Follow him on Twitter at @wbcassidy_joc