Posted 2/25/2014 10:07 am
Updated 7 months ago
Roadrunner Transportation Systems Inc. of Cudahy, Wis., announced Monday that it had acquired Rich Logistics of Little Rock, a truckload carrier and expedited services provider, and Rich Logistics' contractor, Keith Everett, in a $48 million deal.
Rich Logistics transports products throughout the U.S. and Mexico using independent contractors and employee drivers. Everett is a contractor that operates exclusively for Rich Logistics. The acquisition was financed with borrowings under Roadrunner’s credit facility.
"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," Mark DiBlasi, president and CEO of Roadrunner, said in a news release. "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.”
Rich Logistics generated about $113 million in revenue in 2013.
Publicly traded Roadrunner Transportation Systems (NYSE: RRTS) is a transportation and logistics service provider offering several services, including customized and expedited less-than-truckload, truckload logistics, transportation management solutions, intermodal solutions and more.