Bradley S. Jacobs

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Bradley Jacobs
Born (1956-08-03) August 3, 1956 (age 64)
Alma mater
OccupationBusinessman
Known for
Net worth$2.1 billion (May 2020)[1]

Bradley “Brad” Jacobs (born August 3, 1956 in Providence, Rhode Island) is an American businessman. He is the chairman and chief executive officer of XPO Logistics, Inc.[2][3][4] and the managing director of Jacobs Private Equity, LLC.[5]

Early life and education[edit]

Jacobs was born in Providence, Rhode Island. He attended Northfield Mount Hermon School, Bennington College, and Brown University.[6]

Career[edit]

Jacobs has founded five billion-dollar or multi-billion-dollar corporations, including three publicly traded companies - XPO Logistics, United Rentals, and United Waste Systems – whose share prices rose more than 1,000% after he took control.[7][8]

Over the course of his career, Jacobs has completed approximately 500 acquisitions and 250 greenfield openings, and raised more than $25 billion in debt and equity capital financing, including two IPOs.[9] Jacobs was #388 on the Forbes 400 list, with a net worth of $2.1 billion as of May 2020.[5]

Amerex Oil Associates, Inc.[edit]

In 1979, Jacobs co-founded Amerex Oil Associates Inc., an oil brokerage firm with offices in New Jersey, Houston, London, and Tokyo.[5][10][11] He served as Amerex's chief executive officer until the firm was sold in 1983. During that time, the company's annual gross contract volume had grown to approximately $4.7 billion.[5]

Hamilton Resources Ltd.[edit]

In 1984, Jacobs moved to London and founded Hamilton Resources (UK) Ltd., an oil trading company.[6] In founding the company, Jacobs had used the bulk of his savings and a $1 billion line of credit from Banque Paribas.[11] He grew Hamilton to approximately $1 billion in annual revenue.[6]

United Waste Systems, Inc.[edit]

In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small garbage collectors that had overlapping routes in rural areas.[10] Jacobs served as chairman and chief executive officer,[12] and in 1992 he took the company public. In August 1997, after the company had made more than 200 acquisitions,[13] Jacobs sold United Waste Systems to USA Waste Services Inc. (now known as Waste Management, Inc.) for $2.5 billion.[11][14][15] When it was sold, United Waste Systems was the fifth-largest solid waste management company in North America, and its stock had outperformed the S&P 500 Index by 5.6 times since its IPO.[5][14][16]

United Rentals, Inc.[edit]

In September 1997, Jacobs formed United Rentals,[10][14] serving as the new company's chairman and chief executive officer. Jacobs grew United Rentals through a strategy of consolidating equipment rental dealers in North America.[12][17][18] Jacobs formed the company in September 1997 and went public three months later (NYSE: URI).[19][20][10] In the 10 years that Jacobs led the company (1997-2007), he led more than 250 acquisitions and United Rentals outperformed the S&P 500 Index by 2.2 times.[21][22][23] In 2007, Fortune Magazine ranked United Rentals as the 536th largest public corporation in America, with $3.9 billion in revenue and 690 locations.[24][5]

XPO Logistics, Inc.[edit]

In 2011, Jacobs invested approximately $150 million in Express-1 Expedited Solutions, a third-party logistics and transportation service provider trading at the time as AMEX:XPO.[11] He assumed the roles of chairman of the board and chief executive officer,[25][26] gained ownership of approximately 71 percent of the company,[13] and renamed it XPO Logistics.[27] Jacobs listed the company on the New York Stock Exchange, retaining the ticker symbol (NYSE:XPO).[28]

In February 2012, Jacobs announced plans to grow XPO's revenue from $175 million to $5 billion within five years through M&A.[29] By the end of 2016, he had spearheaded 17 acquisitions and turned XPO into a $15 billion global company.[30] XPO reported revenue of $16.65 billion in 2019.[31]

In May 2018, he was ranked 10th on Barron's list of the World's Best CEOs,[32] while in June Jacobs was listed 7th on Glassdoor's Top CEOs of 2018 list in France,[33] and 20th in the UK.[34]

Personal life[edit]

Jacobs and his wife currently reside in Greenwich, Connecticut.[6][35]

References[edit]

  1. ^ "Bradley Jacobs". Forbes. Retrieved May 22, 2020.
  2. ^ Susie Gharib (July 5, 2017). "How to Deal With Doubters, According to One Fortune 500 CEO". Fortune.
  3. ^ Josh Kosman (August 16, 2017). "Overstock looking to gain advantage with potential 2-day delivery". New York Post.
  4. ^ Ryan, Lidia (March 6, 2018). "16 Connecticut residents make Forbes 2018 list of billionaires". GreenwichTime. Retrieved March 6, 2018.
  5. ^ a b c d e f "Jacobs Private Equity, LLC". Jacobs Private Equity. Retrieved August 20, 2016.
  6. ^ a b c d "Near Misses". Forbes. October 11, 1999. Retrieved November 11, 2011.
  7. ^ "Bradley Jacobs: The maestro of mergers". Forbes India. Retrieved July 22, 2019.
  8. ^ "Where Will XPO Logistics Be In 1 Year?". The Motley Fool. Retrieved July 22, 2019.
  9. ^ Smith, Jennifer. "Bradley Jacobs Has Acquired More Than 500 Companies. Here's What He Has Learned". Forbes. Retrieved July 1, 2019.
  10. ^ a b c d "United Rentals, Inc. – Company History". Fundinguniverse.com. Retrieved November 11, 2011.
  11. ^ a b c d "June 4, 2005 Entrepreneur tells of unknown future". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  12. ^ a b "October 1, 2003 United Rentals CEO Steps Down". StamfordAdvocate. May 10, 2011. Retrieved November 11, 2011.
  13. ^ a b Zimmerman, Kevin (November 17, 2017). "XPO Logistics: Fast growth through acquisitions and management style". Westfair Communications. Retrieved December 27, 2017.
  14. ^ a b c Silvia Sansoni (April 8, 1996). "The earth mover". Forbes. Retrieved November 11, 2011.
  15. ^ "The big bet of Brad Jacobs". DCVelocity. January 9, 2012. Retrieved May 12, 2016.
  16. ^ "Jacobs Private Equity". jpe.com. Retrieved July 22, 2019.
  17. ^ Brandey Chewning Smith, RER (November 1, 2003). "United Rental CEO". Rermag.com. Retrieved November 11, 2011.
  18. ^ Wall Street Journal, June 17, 1998, “United Rentals Business Bores All but Holders”
  19. ^ Lipin, Steven (June 17, 1998). "United Rentals Business Bores Everyone Except Shareholders". Wall Street Journal. Retrieved May 22, 2020.
  20. ^ "United Rentals Makes Offer For Acquisition-Minded Rival – New York Times". The New York Times. April 6, 1999. Retrieved November 11, 2011.
  21. ^ Christine Coleman. "Hoxie, Jacobs and Plugge join the Rental Hall of Fame". rermag.com. Retrieved November 11, 2011.
  22. ^ "Jacobs, Hoxie and Plugge to be Inducted in Rental Hall of Fame". Rermag.com. October 31, 2008. Retrieved November 11, 2011.
  23. ^ "Chief Executive Plans to Leave United Rentals – New York Times". The New York Times. September 30, 2003. Retrieved November 11, 2011.
  24. ^ "FORTUNE 500 2007: United Rentals". CNN. Retrieved November 11, 2011.
  25. ^ "The big bet of Brad Jacobs". dcvelocity.com. January 9, 2012. Retrieved June 6, 2012.
  26. ^ A. Ananthalakshmi (October 6, 2011). "DealTalk: Brad Jacobs: a U.S. transport serial acquirer". Reuters. Retrieved November 11, 2011.
  27. ^ Jones, Del. "XPO Logistics CEO Brad Jacobs Centers His Strategy Around Tech". Forbes. Retrieved July 1, 2019.
  28. ^ "Jacobs has big plans for Express-1 expediter". greenwichtime.com. February 7, 2012.
  29. ^ Black, Thomas (October 2, 2017). "With His Stock Up 330%, a Serial Dealmaker Seeks Biggest Hit Yet". Bloomberg.
  30. ^ "Keep on trucking: Greenwich's XPO Logistics sees no limit to growth". GreenwichTime. Retrieved October 19, 2017.
  31. ^ "XPO Newsroom - Q4 2018 and Full Year Results". news.xpo.com. Retrieved July 22, 2019.
  32. ^ "The World's Best CEOs: Barron's Readers' Picks". Retrieved July 15, 2018.
  33. ^ "Le Top Des PDG France". Glassdoor. Retrieved July 15, 2018.
  34. ^ "Top CEOs UK". Glassdoor. Retrieved July 15, 2018.
  35. ^ Gara, Antoine. "Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire". Forbes. Retrieved July 1, 2018.