Roadrunner Transportation Services acquires D&E Transport
April 20, 2012
Being active when it comes to acquiring companies is nothing new for non asset-based third-party logistics services provider Roadrunner Transportation Services (RRTS).
The Cudahy, Wisconsin-based company announced this week it has acquired all of the outstanding capital stock of Clearwater, Minnesota-based D&E Transport, an asset-light flatbed carrier focused on food and agricultural products. D&E is located 40 miles from the Twin Cities.
RRTS officials said the purchase price was $11.2 million plus an earnout, adding that it was financed with borrowings under Roadrunner’s credit facility. RRTS officials were not available at press time for additional comment.
D&E had 2011 revenues of roughly $23.8 million. The company hauls full load and LTL freight from coast to coast, according to its Web site.
“The acquisition of D&E broadens the service offerings within our Truckload & Logistics business segment and expands our flatbed capacity and customer base,” said Mark DiBlasi, CEO of Roadrunner, in a statement. “D&E has built solid, long-term customer relationships and brings superior service and safety records to Roadrunner. D&E’s principal former owner and experienced management team will remain in place and are excited about the growth opportunities we collectively envision.”
RRTS added that D&E is complementary to its Truckload & Logistics platform and serving its customer base will help spur Roadrunner’s growth and geographic expansion.
This is the sixth acquisition RRTS has made.
In February, the company announced it acquired all of the outstanding stock of Nashua, New Hampshire-based Capital Transportation Logistics (CTL), a transportation services management (TMS) services provider, for $6.25 million.
And in September 2011, it acquired Prime Logistics Corporation, a non-asset based provider of logistics and freight consolidation. In February 2011 it acquired Morgan Southern, a privately-held provider of intermodal transportation and related services for roughly $20 million, and in May 2011 it acquired Wichita, Kansas-based truckload services provider Bruenger Trucking Company; and in July 2011 it acquired The James Brooks Company, a provider of intermodal transportation and related services for the ports of Los Angeles/Long Beach and Oakland.
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