Radiant Logistics Acquires Copper Logistics
Expands Mid-West Gateway Operations in Minneapolis, Minnesota
BELLEVUE, WA, November 2, 2015 – Radiant Logistics, Inc. (NYSE MKT: RLGT), a third-party logistics and multimodal transportation services company, today announced it has acquired the operations of Copper Logistics, Inc. (“Copper”), a Minneapolis, Minnesota based privately held company that provides a full range of domestic and international transportation and logistics services across North America. The Company paid approximately fifty percent (50%) of the expected purchase price at closing with the balance payable in subsequent periods based on the future performance of the acquired operation. On a post-closing basis, Copper Logistics will transition to the Radiant brand and operate as part of the Company’s mid-west gateway location near the Minneapolis/St. Paul airport (“MSP”).
“We are proud to announce our partnership with Bud Lutterman and the entire MSP team,” remarked Radiant’s Founder and CEO, Bohn Crain. “We have purposefully positioned ourselves to bring value to logistics entrepreneurs like Bud and believe that the Copper transaction is representative of a broader pipeline of opportunities available to us in the marketplace. We have a particular interest in continuing to build density in strategic markets like MSP where we already have company owned operations that we can leverage in driving both revenue and cost synergies. We currently have company owned operations in 15 markets across North America and each of these locations represents a platform from which we can continue to attract like-minded logistics entrepreneurs who see value in our platform. With the benefit our of recent equity raise we have very low leverage on our balance sheet at this point, a $65.0 million credit facility that is virtually untapped and we are well positioned to on-board a significant number of new operating partners as we have the opportunity.”
Bud Lutterman, of Copper Logistics commented, “We are thrilled about joining Radiant. Through years of dedicated service, our customers have always remained our top priority whether they were here in U.S. or abroad. This philosophy has been key to our success. We were looking for a long term partner with that same passion for servicing the customer and a shared vision to further advance our business and provide an opportunity for growth for our employees. We found that partner in Radiant. Radiant has a real appreciation for the needs for the local owner/entrepreneur and a clear and achievable plan for building a world-class logistics organization. We are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers while enjoying the benefits of participating in an organization that, through its status as a public company, gives our team the opportunity to work as shareholders and participate in the value that we all help create.” Mr. Lutterman will continue as Vice President of Sales for Radiant’s MSP location.
About Radiant Logistics (NYSE MKT: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a comprehensive North American provider of third party logistics and multimodal transportation services. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” or “believes” or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, those risk factors that apply to our operations as disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2015 and other filings with the Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiantdelivers.com). Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.