Radiant Logistics Acquires Two Of Its Adcom Worldwide Agency Locations
Strengthens focus on Medical Device, High-Tech and Trade Show Industries
BELLEVUE, WA February 10, 2020 – Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today announced it has purchased the assets and operations of two of its Adcom agency locations based in Alexandria, Virginia and Pittsburgh, Pennsylvania, through its wholly-owned subsidiary, Radiant Global Logistics, Inc. The Company acquired both operating locations from its long-time strategic operating partner, Bonnie Knoedler. A portion of the purchase price was paid at closing in a combination of cash and stock, with the balance payable in subsequent periods based on the future performance of the acquired operations; each of which are expected to transition to the Radiant brand while remaining under Ms. Knoedler’s continued leadership. The acquired agencies are expected to add to the strength and diversity of Radiant’s network of Company-owned operations and will continue to provide a full range of hyper-care domestic and international transportation and logistics services to customers in the medical device, high-tech and trade-show industries.
“We are delighted to progress our long-term partnership with Bonnie Knoedler,” remarked Radiant's Founder and CEO, Bohn Crain. “Bonnie has an exceptional story which includes a 34-year history with Adcom Worldwide, starting first with an internship her senior year at American University learning transportation at Adcom Express. She subsequently became a sales representative at the Virginia location which she ultimately acquired in 2005. We helped Bonnie with a strategy on how to acquire the Pittsburgh operations which she completed in 2009 and appreciate the opportunity to now take this next step. Our goal at Radiant has always been to be the preferred platform for logistics entrepreneurs. We provide our strategic operating partners with an opportunity to work as shareholders and share in the value that they help create and ultimately offer a unique opportunity in terms of succession planning and liquidity. We are excited to welcome Bonnie and her entire team more directly into the Radiant organization and believe our acquisition of these two operating locations is representative of a broader pipeline of opportunities inherent in our agent-based network. We continue to enjoy very low leverage on our balance sheet and the financial flexibility to support other strategic operating partners when they are ready to begin their transition from an agency to a company-owned location.”
Said Bonnie Knoedler of the transition: “We are thrilled to have Radiant’s continued support in this natural progression of our long-term partnership. This was the only home that made sense to go to for my entire team and me. Through literally decades of dedicated service, our customers have always remained our top priority, whether they are here in the U.S. or abroad. I am appreciative of the opportunity to continue to lead my employees through this transition for the foreseeable future and to ensure that our team remains in place to continue to provide the exceptional level of service that our customers have come to expect. Radiant consistently demonstrates a real appreciation for the needs of the local owner/entrepreneur and we are looking forward to leveraging this new partnership to bring additional value to our customers, while providing an opportunity for growth for our employees.” Ms. Knoedler will continue as Regional Director for Radiant’s mid-Atlantic region.
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, 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, 2019 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.