Roadrunner Transportation Systems Inc (NYSE: RRTS) has acquired Rich Logistics, a provider of truckload and expedited services based in Little Rock AR. In addition, Roadrunner acquired Everett Transportation Inc and certain assets of Keith Everett (collectively, “Everett”).
Total enterprise value of the transaction was approximately $48 million. Rich Logistics transports product throughout the United States and Mexico using a combination of independent contractors and employee drivers. Everett is a contractor operating exclusively for Rich Logistics. The acquisition was financed with borrowings under Roadrunner’s credit facility.
Mark DiBlasi, president and chief executive officer of Roadrunner, said, “The acquisition of Rich Logistics provides an excellent opportunity to expand our truckload offering and broadens our access to freight going into and coming out of Mexico. Rich Logistics’ superior service standards and strong reputation will allow us to strengthen its existing customer relationships as well as cultivate new relationships. Both Rich Logistics’ and Everett’s management teams will stay in place to help achieve the growth opportunities that we collectively envision.”
In 2013, Rich Logistics generated revenues of about $113 million. Rich Logistics is expected to be accretive to Roadrunner’s earnings in 2014.
Roadrunner is a transportation and logistics service provider offering services including customized and expedited less-than-truckload, truckload logistics, transportation management, intermodal, freight consolidation, inventory management, expedited services, international freight forwarding, customs brokerage, and global supply chain services.
For more information, access www.rrts.com.