Cudahy-based transportation and logistics company Roadrunner Transportation Systems Inc. has acquired all outstanding capital stock in CTW Transport.
CTW, based in Peabody, Mass., is a truckload carrier that mainly transports refrigerated products. The company projects $15 million in revenue this year, and will likely be accretive to Roadrunner’s 2012 earnings.
“CTW is complementary to our Truckload & Logistics platform,” said Brian van Helden, President of Roadrunner’s Truckload & Logistics business segment. “We are excited about the opportunity to serve CTW’s long-term customer base and to accelerate our growth and geographic expansion.”
The acquisition was about $7.5 million, with an earnout. Roadrunner used borrowings from its credit facility to finance the transaction.
“The acquisition of CTW broadens the service offerings within our Truckload & Logistics business segment and expands our refrigerated capacity and customer base,” said Mark DiBlasi, CEO of Roadrunner. “CTW’s former owner will remain in place and is excited about the growth opportunities we collectively envision.”
Roadrunner reported total revenue of $171 million in 2011. This is the company’s third acquisition of 2012.
