Roadrunner Transportation Systems Announces Acquisition of YES Trans, Inc.
CUDAHY, Wis.--(BUSINESS WIRE)-- Roadrunner Transportation Systems, Inc. (NYS: 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, www.rrts.com.
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
KEYWORDS: United States North America Massachusetts Wisconsin
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