Digital freight-matching company Cargo Chief said Thursday that Rob W. Estes Jr., president and CEO of LTL carrier Estes Express Lines, has invested in Cargo Chief and has joined the board of directors of the Millbrae, California-based company. The amount of Estes’ investment was not disclosed.
Estes’ company, based in Richmond, Virginia, is the nation’s fifth-largest LTL carrier and North America’s largest privately held LTL operator. The family-owned trucker was founded in 1931 by Estes’ grandfather, W.W. Estes.
Estes’ investment is passive in nature, meaning he will not take an active role in Cargo Chief’s day-to-day operations.
This is not Estes’ first investment foray in the digital freight-matching segment. He had been a passive investor in Cargomatic, a Long Beach, California-based company that matches shippers with capacity in the short-haul truckload and LTL markets. It is unclear if Estes is still an investor in the company.
“Amid unprecedented demand, transportation and logistics providers are looking for ways to more efficiently book freight and move loads to help their customers and supply chains recover. The latest technology advancements in digital freight matching, capacity procurement and pricing tools make this possible,” Estes said in a statement.