Radiant Logistics Acquires Strategic Operating Partner Companies Select Logistics, Inc. And Select Cartage, Inc.
Strengthens Company’s Cruise Logistics Service Offering in South Florida
RENTON, WA February 7, 2024 – Radiant Logistics, Inc. (NYSE American: RLGT), a leading provider of technology-enabled global transportation and value added logistics solutions, today announced it has acquired Select Logistics, Inc. and Select Cartage, Inc. (collectively “Select”), both Doral, Florida based, privately held companies that have operated as part of the Company’s Adcom Worldwide brand since 2007. The Company structured the transaction similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations.
Originally founded in 2007 and operated by Gabby Santos and Hector Cavallo, Select provides both domestic and international freight forwarding services and is well recognized for its expertise and in-depth knowledge and support of the cruise line industry. On a post-closing basis, Select is expected to transition to the Radiant brand and will combine with existing company owned operations in south Florida. Gabby Santos will assume the role of General Manager for the newly combined organization which will continue to develop and deliver advanced supply chain solutions for their cruise line and other customers. Hector Cavallo will be moving on to pursue outside interests.
Gabby Santos of Select commented, “Through years of dedicated service, our entire team here in Florida has developed some very strong relationships with our customers, vendors and associates around the globe. Our customers have always remained our top priority whether they were here in the United States or abroad and this philosophy has been key to our success. We were happy when Radiant acquired Adcom Worldwide back in 2008 and are looking forward to flying the Radiant flag ourselves here in Florida. Radiant has consistently provided an environment for us to grow our business over the years and it has been rewarding to be a part of the building momentum of the Radiant network. We are excited to now transition our business in a way that meets our own personal goals while also ensuring the continued success of our customers and employees.”
“The Select transaction and our long-standing partnership with Gabby and Hector represents another significant milestone in the continued evolution of Radiant,” remarked Radiant's Founder and CEO, Bohn Crain. “We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition and the built-in exit strategy available to the entrepreneurs participating in our network. We are pleased to be able to support both Hector and Gabby in this transition and are excited for this next chapter with Gabby and the team in Florida."
About Radiant Logistics, Inc.
Radiant Logistics, Inc. (www.radiantdelivers.com) (NYSE American: RLGT) is a publicly traded third party logistics company providing technology-enabled global transportation and value added logistics solutions primarily to customers based in the United States and Canada. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding along with truck and rail brokerage services to a diversified account base including manufacturers, distributors and retailers which it supports from an extensive network of Radiant and agent-owned offices throughout North America and other key markets around the world. Radiant's value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.
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, the performance of our historic business at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of our recent acquisitions; and 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, 2023 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.