Roadrunner Transportation Prices Stock Offering
August 15, 2013
Asset-light and logistics provider, Roadrunner Transportation, has priced a public offering of 4.3 million shares of common stock, an increase over its previously announced public offering of 3.5 million shares, at a price of $27 per share to the public.
A total of 1.5 million shares are being sold by the company and 2.8 million shares are being sold by stockholders. The offering is expected to close on August 19.
The Wisconsin-based company expects to receive net proceeds from the offering of approximately $38 million and will use it to repay debt and for other general corporate purchases.
Roadrunner was created in 2005 when the investment company, now known as HCI Equity Partners, combined two trucking operations. It will reportedly sell 2.8 million to 3.4 million of its 15 million shares.
Roadrunner has 3,330 mainly independent contractor drivers, according to published reports.
Since 2006 Roadrunner has purchased more than two-dozen other companies, including 16 since going public in 2006. Last year Roadrunner turned a profit of $37.5 million dollars on revenue of $1.1 billion.