CEVA Group Plc has completed its acquisition of US based freight forwarder, EGL Inc., making EGL a wholly owned indirect subsidiary of CEVA.
CEVA, a leading global logistics company, is a UK public limited company owned by affiliates of Apollo Management VI. EGL’s former shareholders are entitled to receive $47.50 in cash, without interest, for each share of EGL common stock they owned at the effective time of the merger.
The announcement of the completion of the acquisition comes as John Pattullo takes over as CEVA’s new chief executive officer. Pattullo replaces Dave Kulik as CEO of the merged companies, CEVA and EGL, which will now operate under the CEVA company name. Kulik will now serve as Vice Chairman of the Board of Directors of CEVA Group Plc.
Prior to joining CEVA, Pattullo led Deutsche Post/DHL’s Euro 7bn EMEA Contract Logistics business as chief operating officer. In addition, he led the Exel European Forwarding and Contract Logistics business and has worked in various leadership positions supporting Procter & Gamble’s global supply chain.
‘I am very excited to come on board CEVA at a time when these two great companies have joined forces. We have created one of the world’s major players in the global supply chain industry, supported by a talented and experienced leadership team. CEVA has the ability now, more than ever, to offer our customers a world-class service.’ said Pattullo.
As a result of the merger of CEVA and EGL, the company will operate two divisions, CEVA Contract Logistics and CEVA Freight Management. Both divisions will report to Pattullo, who will lead the newly formed company, as well as the Contract Logistics division. Joe Bento, formerly president and CMO of EGL, will head the Freight Management division headquartered in Houston, Texas.