AUSTIN, Texas, Feb. 9, 2021 /PRNewswire/ -- WeDo Logistics closed the asset purchase of LSO on Nov. 24, 2020. Terms of the transaction were not disclosed. This acquisition highlights the continued strong investment interest within the six primary regional parcel delivery companies that together deliver to the vast majority of the US population.
"Over the last year, LSO experienced over 135% revenue growth with nearly 290% growth in our e-commerce product," said Richard M. Metzler, President and Chief Executive Officer. "Many of our customers tell us they now have a C-level mandate to reduce their risk with FedEx and UPS based on how they were treated this past peak season. As a result, we are expecting even more explosive growth in 2021."
Metzler went on to say, "The increased demand due to COVID-19 has helped, but we simply would not have been able to handle the growth we delivered if we had not made key investments in sales, marketing, operations and technology over the past three years. I am so very proud to be part of the team that reimagined and rebuilt LSO from the ground up."
According to Andrew Townsend, Chairman of WeDo Logistics, "The LSO team has done a terrific job of growing the business despite limited resources. We look forward to supporting organic and strategic investments enabling the leadership team to build on their success to-date."
Lone Star Overnight is headquartered in Austin, TX and over the last 30 years has become the leading regional parcel delivery company throughout the Southwest. LSO has a network of 23 operating locations and serves all 3,000 zip codes in Texas, ~10% of all e-commerce orders in the USA and 80% of the population in Oklahoma, Eastern New Mexico and Western Louisiana.
About WeDo Logistics
WeDo Logistics is a holding company with two principal assets: Lone Star Overnight (LSO), a network-based parcel delivery company and Scoobeez, a final mile parcel delivery company. WeDo is owned by Ocelot Capital Management, an Austin-based family office.
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SOURCE Lone Star Overnight (LSO)