Roadrunner Transportation buys two Nebraska carriers
In 2011, R&M and Sortino together generated revenues of approximately $64.5 million, Roadrunner officials said. (The Trucker file photo)
The Trucker News Services
CUDAHY, Wis. — Roadrunner Transportation Systems announced Friday it has acquired substantially all of the operating assets and business of R&M Transportation and all of the outstanding stock of Sortino Transportation, providers of truckload services based in Omaha, Neb., for approximately $24.4 million, plus an earn-out capped at $5 million.
R&M and Sortino transport primarily refrigerated product throughout the U.S. utilizing a combination of independent contractors and a fleet of company-owned trailers. Roadrunner also announced that it has amended and expanded its credit facility to $295 million to provide enhanced liquidity and future growth capital. Under the terms of the amended credit facility, Roadrunner modified limits and terms and obtained a reduction in interest rates of approximately 100 basis points.
“The acquisition of R&M and Sortino expands our refrigerated capacity in key lanes and broadens our customer base,” said Mark DiBlasi, president and CEO of Roadrunner. “In addition, R&M and Sortino’s Midwest presence enables us to more effectively cross-sell our truckload 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 and are excited about the growth opportunities we collectively envision.”
“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.
In 2011, R&M and Sortino together generated revenues of approximately $64.5 million. R&M and Sortino are expected to be accretive to Roadrunner’s earnings in 2012.
Kevin Jones of The Trucker staff can be reached for comment at email@example.com.
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