Brad Jacobs (businessman) explained

Brad Jacobs
Birth Date:3 August 1956
Birth Place:Providence, Rhode Island, U.S.
Education:Northfield Mount Hermon School
Alma Mater:Bennington College
Brown University
Occupation:Businessman

Brad Jacobs (born August 3, 1956) is chairman and CEO of QXO, Inc.[1] [2] In addition, he is executive chairman of XPO, Inc.,[3] [4] and non-executive chairman of RXO Inc. and GXO Logistics, Inc., both of which are spin-off companies from XPO.

Early life and education

Jacobs was born in Providence, Rhode Island, the son of Charlotte Sybil (née Bander) and Albert Jordan Jacobs.[5] [6] His father was a fashion jewelry importer. He graduated from Northfield Mount Hermon School and then went on to attend Bennington College and Brown University and studied math and music; however, he dropped out in 1976.[7] [8]

Career

Jacobs has created eight corporations, six of which are publicly traded: QXO (2024); XPO Logistics (2011) and its spin-offs, GXO Logistics (2021) and RXO (2022); United Rentals (1997); and United Waste Systems (now Waste Management 1989).[9]

In 1979,[10] Jacobs co-founded Amerex Oil Associates Inc., an oil brokerage firm.[11] Jacobs was the company's CEO until it was sold in 1983.[12] In 1984, Jacobs moved to London and founded Hamilton Resources Ltd., where he conducted oil trading deals.[12] Jacobs has frequently recognized Ludwig Jesselson as an influential mentor.[13]

In 1989, Jacobs founded United Waste Systems in Greenwich, Connecticut, and began consolidating small waste collection companies that had overlapping routes in rural areas. Jacobs was chairman and chief executive officer, and in 1992 he took the company public.[14] [15] Jacobs sold United Waste Systems to USA Waste Services Inc. (now Waste Management, Inc.) for $2.5 billion.[16]

In September 1997, Jacobs formed United Rentals, and became the new company's chairman and chief executive officer.[17] During late 1997 and early 1998, Jacobs grew the company through a strategy of consolidating equipment rental dealers in North America.[18] [19] He took the company public in December 1997 on the New York Stock Exchange.

In 2010, he established Jacobs Private Equity LLC, to invest in a single company.[20] [21]

In 2011, Jacobs invested approximately $150 million in XPO (then named Express-1 Expedited Solutions), a transportation and third-party logistics provider.[22] [23] He became chairman of the board[24] [25] and CEO[26] [27] and gained ownership of approximately 71 percent of the company.[28] The company was later listed the New York Stock Exchange, under the ticker symbol XPO.[29] In August 2021, XPO completed its spin-off of GXO Logistics, and Jacobs became non-executive chairman of GXO's board of directors.[30] [31] [32] In August 2022, Jacobs announced plans to step aside as CEO of XPO Logistics but remain executive chairman.[33] In November 2022, XPO completed its spin-off of RXO, and Jacobs became RXO's non-executive chairman.[25] In 2023, he announced the upcoming release of his book How to Make a Few Billion Dollars.[34]

In June 2024, Jacobs founded QXO, Inc., with the intention to consolidate the building products distribution industry,[35] raising $4.5 billion of equity.[36] [37] Thus, completing what Bloomberg reports as both the largest equity offering ever in the building products sector and private investment in public equity for industrials.[38]

Bibliography

Personal life

Jacobs and his wife live in Greenwich, Connecticut.[40] Jacobs is an art collector with works by Picasso, de Kooning, Calder, Lichtenstein and others.

Notes and References

  1. Web site: Staff . HBSDealer . QXO announces executive lineup . 2024-06-07 . HBS Dealer . en.
  2. Web site: 2024-06-06 . Startup Building Products Distributor Officially Launches . 2024-06-07 . Industrial Distribution . en-us.
  3. Lublin . Joann . November 27, 2022 . XPO's Billionaire Chairman Brad Jacobs Is Hunting for His Next Big Deal . December 19, 2022 . Time.
  4. Web site: Black . Thomas . October 17, 2022 . Brad Jacobs Is on the Hunt. Investors Should Pay Attention . 2024-06-07 . www.bloomberg.com.
  5. Web site: April 8, 2013 . Charlotte Sybil (Bander) Jacobs (1929–2013) . The Providence Journal.
  6. Web site: May 31, 2018 . Albert Jordan Jacobs (1927–2018) . The Providence Journal.
  7. News: Near Misses . Forbes . 5 March 2023.
  8. Web site: From sapling to pure-play LTL: The story of XPO Logistics under Jacobs . 2023-08-31 . Trucking Dive . en-US.
  9. Web site: Bradley Jacobs: The maestro of mergers . 2019-07-22 . Forbes India . en.
  10. Web site: The big bet of Brad Jacobs . www.dcvelocity.com . 8 April 2023 . en . At 23, Jacobs co-founded Amerex Oil Associates Inc., a New Jersey-based oil brokerage firm, and served as its CEO until the firm was sold in 1983..
  11. Web site: June 4, 2005 Entrepreneur tells of unknown future . StamfordAdvocate . May 10, 2011 . November 11, 2011.
  12. Web site: Greenwich's XPO Logistics CEO candid about French acquisition . StamfordAdvocate . 8 April 2023 . 27 July 2015.
  13. Web site: October 2015 . An Acquiring Mind . Inbound Logistics . My mentor, Ludwig Jesselson (a longtime commodity trader and philanthropist), once told me that if you genuinely enjoy solving problems, then you should choose business as a profession.
  14. Web site: United Rentals, Inc. – Company History . November 11, 2011 . Fundinguniverse.com.
  15. Web site: StackPath . www.rermag.com . July 2000 . 13 April 2023.
  16. Web site: The big bet of Brad Jacobs . DCVelocity . January 9, 2012 . May 12, 2016.
  17. Web site: Chief Executive Plans to Leave United Rentals . The New York Times . 13 April 2023 . 30 September 2003.
  18. Web site: Lipin . Steven . June 17, 1998 . United Rentals Business Bores Everyone Except Shareholders . May 22, 2020 . The Wall Street Journal.
  19. Web site: The earth mover . Forbes . 13 April 2023 . en.
  20. Web site: Wealthiest People in CT: 10. Bradley Jacobs . www.hartfordbusiness.com . 5 April 2023.
  21. Web site: Jacobs completes equity investment; Express-1 now XPO Logistics . Commercial Carrier Journal . 13 April 2023 . en-us . 3 September 2011.
  22. Web site: Jacobs puts $150 million into Express-1, aims big . Reuters . 13 April 2023 . en . 14 June 2011.
  23. Web site: Express-1 Expedited Solutions Announces First Quarter 2011 Conference Call . NBC News . May 5, 2011 . 13 April 2023 . en.
  24. XPO's Billionaire Chairman Is Hunting for His Next Big Deal . Time . 5 April 2023 . en . 27 November 2022.
  25. News: Brad Jacobs Will Step Aside as CEO of XPO Logistics . Wall Street Journal . August 4, 2022 . 5 April 2023 . Young . Liz .
  26. News: The big bet of Brad Jacobs . dcvelocity.com . June 6, 2012 . January 9, 2012.
  27. News: A. Ananthalakshmi . DealTalk: Brad Jacobs: a U.S. transport serial acquirer . Reuters . October 6, 2011 . November 11, 2011 . November 9, 2011 . https://web.archive.org/web/20111109090612/http://www.reuters.com/article/2011/10/06/us-dealtalk-transport-jacobs-idUSTRE7955V620111006 . live .
  28. News: XPO Logistics: Fast growth through acquisitions and management style. Zimmerman. Kevin. 2017-11-17. Westfair Communications. 2017-12-27. en-US.
  29. Web site: Jacobs has big plans for Express-1 expediter . GreenwichTime . 13 April 2023 . 7 February 2012.
  30. Web site: Fortune 500 company XPO Logistics' revenues jump 44% before spin-off: 'The future looks bright' . GreenwichTime . 13 April 2023 . 29 July 2021.
  31. Web site: Spin-off of GXO Logistics from XPO Logistics is a done deal . Logistics Management . 13 April 2023 . en.
  32. Web site: XPO completes spinoff of GXO, which begins trading today . Westfair Communications . 13 April 2023 . 2 August 2021.
  33. Web site: Young . Liz . August 4, 2022 . Brad Jacobs Will Step Aside as CEO of XPO Logistics . August 8, 2022 . The Wall Street Journal.
  34. Web site: Hall . Phil . 2023-10-16 . M&A, Brad Jacobs-style . 2023-11-01 . Westfair Communications . en-US.
  35. News: Young . Liz . December 11, 2023 . Brad Jacobs Targets Construction Materials for Next Billion-Dollar Rollup . WSJ .
  36. Web site: Castenson . Jennifer . June 17, 2024 . Big Investment In Building Products Promises To Transform The Industry . Forbes.
  37. Web site: Porter . Kiel . June 13, 2024 . Billionaire Jacobs Nears $3.5 Billion QXO Equity Offering . Bloomberg.
  38. Web site: Porter . Kiel . June 13, 2024 . Billionaire Jacobs Nears $3.5 Billion QXO Equity Offering . Bloomberg.
  39. Web site: 2023-10-02 . Billionaire Brad Jacobs reveals his recipe for building a business empire Fox Business Video . 2023-10-16 . Fox Business . en-US.
  40. News: Gara . Antoine . April 10, 2018 . Better Than Amazon? How Bradley Jacobs Turned A $63M Bet Into A $12 Billion Transportation Empire . en . Forbes (magazine) . 2018-07-01 . He read up on oil brokers and then cold-called his way into the business, enlisting the legendary Ludwig Jesselson, head of commodity house Phillip Brothers, as a mentor..

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