QXO’s Brad Jacobs to Invest $1 Billion in CKX Lands

and Jacobs Private Equity II LLC (JPE), led by QXO’s chairman and chief financial officer Brad Jacobs, announced that JPE and minority co-investors have agreed to invest $1 billion in cash in CKX. The equity investment is expected to consist of $900 million from JPE and $100 million from co-investors led by HRTG Partners, formerly Sequoia Heritage. Upon closing, JPE will hold a majority stake in CKX.

Upon closing, Jacobs will become chairman and CEO of CKX, while continuing to serve as chairman and CEO of QXO Inc. CKX will be renamed and operate as a standalone public company platform in an industry to be determined.

“I love building multiple billion-dollar market leaders, and this $1 billion investment marks the launch of my ninth company,” says Jacobs. “After concluding my chairmanships of XPO, GXO and RXO last year, I now have the capacity to create this new venture while continuing to lead QXO to its massive potential.”

Jacobs has founded and led eight billion-dollar or multi billion-dollar companies over his career, including six iconic public companies: QXO, the second largest publicly traded building products distributor in North America; XPO, the second largest provider of less-than-truckload services in North America; GXO Logistics, the world’s largest pure-play contract logistics provider; RXO, the third largest freight broker in North America; United Rentals, the world’s largest equipment rental provider; and United Waste Systems, the fifth largest U.S. waste management company at the time of its sale. Jacobs and his teams have completed approximately 500 M&A transactions.