US freight forwarder Roadrunner Transportation Systems has announced its acquisition of Rich Logistics, which provides trucking and expedited services.
Roadrunner, which declared revenues of around $113m in 2013, managed to acquire the total purchase for an estimated $48m, with money reportedly borrowed under the logistics provider’s credit facility. It operates an ‘asset light’ policy whereby it manages fleet utilisation but for the most part does not directly own carriers or employ its own drivers.
The provider offers truckload, less-than-truckload, intermodal, warehousing and consolidation services, as well as transport management systems. It operates distribution centres and pickup spots in over 30 US states.
Arkansas-based Rich Logistics operates cross-border lanes through a mixture of company drivers and owner operators. About three quarters of its business is dedicated to the movement of automotive parts.
The news follows Roadrunner’s purchase of Everett Transportation, which includes particular assets belonging to a contractor who operates solely for Rich Logistics. This deal is the 29th for Roadrunner since 2006, and the 15th in the last two years.
Roadrunner’s president and CEO Mark DiBlasi commented: “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.
“Both Rich Logistics’ and Everett’s management teams will stay in place to help achieve the growth opportunities that we collectively envision.”
