Hub Group

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Hub Group, Inc.
TypePublic
Nasdaq: HUBG (Class A)
S&P 600 Component
IndustrySupply Chain
FoundedHinsdale, Illinois (1971)
FounderPhillip Yeager
Headquarters
Oak Brook, Illinois
Number of locations
33
Area served
North America
Key people
David P. Yeager, Chairman and CEO
Phillip D. Yeager, President and COO
ServicesSupply chain solutions
Logistics
Transportation
Revenue$3.7 billion (2019) Decrease[1]
$152 million Increase (2019)[1]
$107 million Increase (2019)[1]
Total assets$1.9 billion Increase (2019)[1]
Total equity$1.07 billion Increase (2019)[1]
Number of employees
2000+[2] (2019)
Websitehubgroup.com

Hub Group (Nasdaq: HUBG) is a transportation management company in North America, providing intermodal, truck brokerage and logistics services. As a publicly traded company with over $3.5 billion in revenue, the company owns two subsidiaries: Mode Transportation (formerly Exel Transportation Services), a third party logistics company (Unyson); and Hub Group Trucking, which provides intermodal freight transport and drayage services.[3][4] Hub Group was founded in 1971 by Phillip Yeager.[5] The company went public in 1996 and is traded on the NASDAQ exchange.[6] David Yeager, son of Phillip Yeager, serves as Hub Group chairman and chief executive officer. The company is headquartered in Oak Brook, Illinois.[3]

History

In 1971, Phillip and Joyce Yeager founded Hub Group (then known as Hub City Terminals) in Hinsdale, Illinois. The company was started with $10,000 and was located in a windowless, one-room office above a flower shop.[7] The 43-year-old Phillip Yeager quit his job at the Pennsylvania Railroad, where he had worked for 19 years, to create Hub Group. At the time of its formation, Hub City Terminals worked as a shipper's agent, which was an intermediary that booked intermodal transportation with railroads.

In 1975, Yeager and his wife set up a series of S corporations to expand their business. Each office operated separately and had its own profit and loss center. Hub City Terminals was renamed Hub Group in 1985[8].

In 1995, Phillip Yeager’s son, David Yeager, became chief executive officer of Hub Group. He had been with the company since 1975, when he opened the company's Pittsburgh, Pennsylvania regional office. David Yeager became co-chairman of the company in 1992.[9]

In 1996, Hub Group held an initial public offering.[10] A year later, in 1997, the company became the first intermodal marketing company to top $1 billion in yearly revenue. Hub Group had 34 regional offices by 1998, when the company borrowed $100 million to begin purchasing all outstanding minority interests in the company's regional offices.[11]

The company moved from a geography-based operation with multiple regional offices to a centralized operation with a single profit and loss center headquartered in Lombard, Illinois in 2004. The reorganization effort allowed Hub Group to compete as a single network.

Mark Yeager was appointed president and chief operating officer in April 2005. Mark Yeager had joined Hub Group in 1992 and served as president of the company's field operations immediately prior to his appointment.

Hub Group acquired Memphis, Tennessee-based drayage company Comtrak Logistics for $48 million in 2006.[12] The two companies had worked together for over 20 years by the time of the acquisition. The deal included Comtrak's client lists and proprietary transportation tracking software.

Hub Group founder and Chairman Phillip Yeager died in October 2008 from complications following a heart attack.[13] Yeager was 80 years old. Company CEO David Yeager became chairman of Hub Group in November 2008.

Hub Group Double Stacked Containers In Pleasanton, California.

In 2017, Hub Group acquired Estenson Logistics, a national provider of dedicated trucking with nearly 100 operating sites for approximately $306 million.[14] As a part of the acquisition, the name was retired and now operates under the Hub Group brand.

In 2018, Hub Group acquired CaseStack Logistics, a consolidation and warehousing provider that predominantly operates in the consumer packaged goods and retail space, for $225 million.[15] CaseStack now operates under a product of Hub Group called CaseStack Retail Supplier Solutions.

In 2020, Hub Group acquired NonstopDelivery, LLC (“NSD”) for $94.5 million.[16] Founded in 2000, NSD’s delivery network includes over 170 agent locations, which enables service to all U.S. zip codes.

In 2021, Hub Group acquired Preston, MD based Choptank Transport for $130 million cash-on-hand. [17] Founded in 2003, Choptank has a carrier network of over 200,000 carriers who specialize in refrigerated and frozen transportation.

In 2022, Hub Group acquired TAGG Logistics for $103 million cash on hand.[18] Founded in 2006, TAGG provides ECommerce and Omnichannel fulfillment with over 23 fulfillment locations.

Hub Group operates out of its global headquarters in Oak Brook, IL

Cause Containers

Hub Group has painted over 20 containers in funds for other opportunities in the U.S. like the Children's Hospital of Chicago in shape of the Domestic 53-foot Containers.

References

  1. ^ a b c d e "US SEC 10-K Hub Group, LLC" (PDF). U.S. Securities and Exchange Commission. March 2016. Retrieved 21 April 2016.
  2. ^ "Hub Group". Fortune. Retrieved 2019-01-25.
  3. ^ a b "Form 10-K Hub Group, Inc". Securities and Exchange Commission. Retrieved 8 June 2014.
  4. ^ Jeff Berman (4 April 2011). "Hub Group acquires Exel Transportation Services". Logistics Management. Retrieved 8 June 2014.
  5. ^ Joseph Bonney (20 October 2008). "Hub Group founder Phillip C. Yeager dies". Gulf Shipper.
  6. ^ Mark Zaloudek (8 October 2008). "Fortune 1,000 firm grew from a 'leap of faith'". Sarasota Herald-Tribune.
  7. ^ "Let's Build Two: Hub Group Breaks Ground On Replica Headquarters Building". Informed Infrastructure. 2020-06-29. Retrieved 2021-01-04.
  8. ^ "Jobs at". www.theladders.com. Retrieved 2021-01-04.
  9. ^ "David P. Yeager". Hub Group. Retrieved 2021-01-04.
  10. ^ "History of Hub Group, Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2021-01-04.
  11. ^ "Hub Group - Lombard, IL - Company Review". www.truckingtruth.com. Retrieved 2021-01-04.
  12. ^ "StackPath". www.mhlnews.com. Retrieved 2021-01-04.
  13. ^ Tribune, Chicago. "Death Notice: PHILLIP C. YEAGER". chicagotribune.com. Retrieved 2021-01-04.
  14. ^ Topics, Transport (2017-05-26). "Hub Group to Acquire Estenson Logistics for $306 Million". Transport Topics. Retrieved 2021-01-04.
  15. ^ "Hub Group to acquire CaseStack". www.logisticsmgmt.com. Retrieved 2021-01-04.
  16. ^ "Hub Group's $95M acquisition is path to being a last-mile market leader". FreightWaves. 2020-12-09. Retrieved 2021-01-04.
  17. ^ "Hub Group Acquires Choptank Transport". Transport Topics. 2020-10-19. Retrieved 2022-01-19.
  18. ^ "Hub Group announces acquisition of TAGG Logistics". www.logisticsmgmt.com. Retrieved 2022-08-31.
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