Roadrunner buys two reefer fleets
Roadrunner Transportation Systems, Cudahy, WI, announced that it has acquired R&M Transportation and Sortino Transportation, both based in Omaha, NB, for approximately $24.4 million, plus an earn-out capped at $5 million.
R&M and Sortino are both refrigerated truckload carriers that utilize a combination of independent contractors and a fleet of company-owned trailers. In 2011, R&M and Sortino together generated revenues of approximately $64.5 million.
Roadrunner also announced that it has amended and expanded its credit facility to $295 million to provide enhanced liquidity and future growth capital.
“The acquisition of R&M and Sortino expands our refrigerated capacity in key lanes and broadens our customer base,” said Mark DiBlasi, president & CEO of Roadrunner. “In addition, R&M and Sortino’s Midwest presence enables us to more effectively cross-sell our services because of their superior service and solid, long-term customer relationships.”
R&M and Sortino’s principal former owners and experienced management team will remain in place, DiBlasi said.
“R&M’s and Sortino’s independent contractor business model and trailer capacity are an excellent complement to our existing truckload & logistics platform and will provide immediate growth opportunities in our refrigerated offering,” said Brian van Helden, president of Roadrunner’s truckload & logistics business segment.
Roadrunner Transportation Systems is an asset-light transportation and logistics service provider offering a suite of solutions, including customized and expedited less-than-truckload, truckload and logistics, transportation management solutions, intermodal solutions, and domestic and international air.
