Roadrunner Transportation Systems Inc (NYSE: RRTS) announced that it has acquired all of the outstanding equity of G W Palmer Logistics LLC, a non-asset truckload service provider based in Batesville AR.
The purchase price was approximately $2.5 million, plus an earn-out capped at $2.8 million. This acquisition was financed with borrowings under Roadrunner’s credit facility.
Mark DiBlasi, president and chief executive officer of Roadrunner, said, “The G W Palmer acquisition enhances our truckload service offering in the South due to its concentration in temperature-controlled products. G W Palmer’s management team will remain in place and are excited about the growth opportunities we collectively envision. We look forward to supporting and expanding G W Palmer’s strong customer relationships and service record as we expand the business.”
During calendar year 2012, G W Palmer generated approximately $20 million in revenues. The company is expected to be accretive to Roadrunner’s earnings in the near term.
Roadrunner is an asset-light transportation and logistics service provider offering a suite of services including customized and expedited less-than-truckload, truckload, and logistics; transportation management systems; intermodal services; and domestic and international air services.
For more information, visit www.rrts.com.