Roadrunner Transportation Systems will acquire all of the outstanding stock of Prime Logistics Corp. for approximately $97.5 million.
Prime is a non-asset based provider of logistics and freight consolidation services with 2010 revenues of approximately $67.5 million. Its customers are predominately food producers who ship over 1 billion pounds of product to numerous retailers, distributors, and warehouses annually.
Prime's services are provided from facilities comprising over 2 million square feet and include freight consolidation, inventory management, warehousing, order fulfillment, and related LTL and truckload services.
To finance the transaction, Roadrunner will expand its credit facility to $240 million. The parties have received regulatory approval for the transaction and expect to close on or before September 15, subject to customary closing conditions.
Prime is a non-asset based provider of logistics and freight consolidation services with 2010 revenues of approximately $67.5 million. Its customers are predominately food producers who ship over 1 billion pounds of product to numerous retailers, distributors, and warehouses annually.
Prime's services are provided from facilities comprising over 2 million square feet and include freight consolidation, inventory management, warehousing, order fulfillment, and related LTL and truckload services.
To finance the transaction, Roadrunner will expand its credit facility to $240 million. The parties have received regulatory approval for the transaction and expect to close on or before September 15, subject to customary closing conditions.
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