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Today, intermodal marketing company and freight transportation management firm Hub Group Inc. announced it acquired Exel Transportation Services (ETS) for $83 million.

A truckload, less-than-truckload and intermodal services provider, ETS will become a wholly owned Hub Group subsidiary and operate independently under the name Mode Transportation. The company — which maintains corporate offices in Dallas and Memphis, a managed operation in Dallas and temperature-controlled services division in Lombard, Ill. — will remain headquartered in Dallas. In addition, ETS President Jim Damman and other top executives will continue to serve in their current roles with Mode Transportation.

“This is an important day in the history of Hub.  We are bringing together two strong and successful companies with highly complementary service offerings,” said Hub Group Chairman and Chief Executive Officer David Yeager in a prepared statement. “Mode is the strongest third-party agent network in the industry with outstanding customer relationships and a diverse portfolio of solutions, including temperature-protected services."