Evolve Logistics Group, Inc. (“Evolve”) provides linehaul transportation and logistics services within the FedEx Ground framework – a $10+ billion, captive market created from the outsourcing of all trucking-related linehaul and last mile services. The brain-child of Station Operating Partner and Evolve CEO Don Hakes, Evolve has grown from a small, regional concern into one of the largest contracted operators within the FXG ecosystem, with more than 180 tractors spread across multiple FedEx Ground hubs.
Investment Date: 2017
Transaction Type: Buyout
Strategy: Buy & Build
Station Lead(s): Rooke, Pirtle
Successful M&A Strategy: Created coast to coast platform; 15 acquisitions pre-merger at low multiples
Built Scalable & Efficient Corporate Infrastructure: Unrivaled within the FXG CSP system.
Proprietary Online Platform: First corporate hire was an IT professional charged with automating operations: asset, personnel, fuel, and M&A management tool.
Secured Senior Lender: In February 2019 – obtained credit facility with a bank to fund additional acquisitions.
Covid Tailwinds: Accelerated e-commerce growth.