James Crane, who is the CEO and founder of EGL, Inc. (NASDAQ:EAGL), has what most successful entrepreneurs posses: That is, persistence.
In January, EGL announced a $1.65 billion buyout. Then in early February, there was another announcement: The deal was a no-go. It fell apart when the private equity investor, General Atlantic, got spooked about EGL's financials.
Crane managed to put the pieces back together -- even though EGL did have a weak fourth quarter. Net income fell from $19 million to $10.9 million. Revenues were up about 2.7%.
The new deal is for $36 per share and the private equity sponsors include Centerbridge Partners and The Woodbridge Co.
EGL is a freight forwarding company, sensitive to the overall economy. If the US economy is slowing down, it certainly would not be good for EGL. Some of the other headwinds include the weak real estate market and auto sector.
In other words, it's definitely an impressive performance from Crane.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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