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HGDS Acquisition LLC history
HGDS Acquisition LLC company history timeline
When Southland completed an acquisition in 1976, the purchase altered the company's strategy for the future, making a lasting impression on Brumley that would be evinced in his actions for decades to come.
In 1986, a year after orchestrating the sale of Southland, Brumley cofounded a company named Cross Timbers Oil Co., a Fort Worth-based firm formed to focus on the acquisition and development of established oil and gas properties.
In 1989, the company added a division called Hub Highway Services.
Hub Group took on the Sears account in 1991, signing a contract with Sears Logistic Service to handle all that company's intermodal freight needs.
Hub gained a major new client in 1993 when the giant detergent company Clorox Co. agreed to let Hub handle all its intermodal shipping for its cleaning products division.
Soon after, Hub announced it was forming a joint venture with the Norton Lilly International Shipping Agency to move cargo over land for ocean carriers. It launched a division called Hub Group International in 1994, and focused first on international shipments within North America.
Bounds, Jeff, "Oil Veteran Starts Energy Firm," Dallas Business Journal , December 4, 1998, p.1.
Brumley and his son, who served as the company's manager of commodity risk and corporation development, left Pioneer in 1998, one year after the merger.
Sales for fiscal 1999 were $1.3 billion, an increase of almost 15 percent over the previous year.
Hub gained management of over 2000 railroad containers, with a provision to add up to 1,000 more over the next year.
The IPO, which was completed in March 2001, consisted of 7.15 million shares offered at $14 per share, yielding net proceeds of approximately $92 million—capital Brumley intended to use to fund the company's acquisition campaign.
In June 2004, the company bought natural gas properties in the Overton Field in Texas that were in the same core area as its properties in the Elm Grove Field acquired one year earlier.
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