Cudahy-based Roadrunner Transportation Systems Inc. announced it had acquired Rich Logistics, a provider of truckload and expedited services based in Little Rock, Ark.
In addition, Roadrunner acquired Everett Transportation Inc. and certain assets of Keith Everett. The total enterprise value of the transaction was approximately $48 million.
Rich Logistics transports product throughout the United States and Mexico utilizing 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.”
“Rich Logistics’ operating network, service standards, and high quality fleet are an excellent complement to our existing truckload services platform and will provide immediate growth opportunities within the segment,” said Brian van Helden, Roadrunner’s chief operating officer.
In 2013, Rich Logistics generated revenues of approximately $113 million. Rich Logistics is expected to be accretive to Roadrunner’s earnings in 2014.