Roadrunner Transportation Systems Announces Acquisition of YES Trans, Inc.
CUDAHY, Wis. -- September 18, 2013
Roadrunner Transportation Systems, Inc. (NYSE: RRTS) announced today that it
has acquired substantially all of the assets of YES Trans, Inc. (“YES”), a
refrigerated truckload service provider based in Salisbury, Massachusetts. YES
primarily transports meat and produce between the Northeast and the Midwest
and Southeast. The purchase price was approximately $1.2 million, net of cash
acquired, plus an earn-out capped at $1.1 million. The acquisition was
financed with Roadrunner’s cash on hand.
Brian Van Helden, President of Roadrunner’s Truckload Logistics division,
said, “The YES acquisition enhances our refrigerated truckload service
offering in the Northeast due to its concentration in temperature controlled
products. We will incorporate the YES operations into our existing
Massachusetts refrigerated location and are excited about the growth
opportunities we collectively envision. We look forward to supporting and
expanding YES’ strong customer relationships and service record as we continue
to grow the business.”
During calendar year 2012, YES generated approximately $5 million in revenues.
YES is expected to be accretive to Roadrunner’s earnings in the near term.
About Roadrunner Transportation Systems, Inc.
Roadrunner is a leading asset-light transportation and logistics service
provider offering a full suite of solutions, including customized and
expedited less-than-truckload (“LTL”), truckload logistics (“TL”),
transportation management solutions (“TMS”), intermodal solutions, freight
consolidation, inventory management, expedited services, international freight
forwarding, customs brokerage, and comprehensive global supply chain
solutions. For more information, please visit Roadrunner’s website,
Safe Harbor Statement
This release contains forward-looking statements that relate to future events
or performance, including statements regarding the impact of the YES
acquisition on Roadrunner’s truckload operations in the Northeast region, the
growth of YES’ business, and Roadrunner’s expectation that YES will be
accretive to Roadrunner’s earnings in the near term. These statements reflect
Roadrunner's current expectations, and Roadrunner does not undertake to update
or revise these forward-looking statements, even if experience or future
changes make it clear that any projected results expressed or implied in this
or other company statements will not be realized. Furthermore, readers are
cautioned that these statements involve risks and uncertainties, many of which
are beyond Roadrunner's control, which could cause actual results to differ
materially from the forward-looking statements. These risks and uncertainties
include, but are not limited to, risks related to the integration of acquired
companies, competition in the transportation industry, the impact of the
current economic environment, Roadrunner's dependence upon purchased power,
the unpredictability of and potential fluctuation in the price and
availability of fuel, the effects of governmental and environmental
regulations, insurance in excess of prior experience levels, and other "Risk
Factors" set forth in Roadrunner's most recent SEC filings.
Roadrunner Transportation Systems, Inc.
Peter Armbruster, Chief Financial Officer, 414-615-1648
Vollrath Associates, Inc.
Marilyn Vollrath, 414-221-0217
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