Roadrunner Buys Expedited Freight Systems
Roadrunner Transportation Systems Inc. has acquired all of the outstanding stock of Expedited Freight Systems Inc., a Midwest regional overnight less-than-truckload provide
Roadrunner Transportation Systems Inc. has acquired all of the outstanding stock of Expedited Freight Systems Inc., a Midwest regional overnight less-than-truckload provider
based in Kenosha, Wis., for approximately $10 million plus an earnout over four years.
EFS has 12 terminal locations throughout the upper Midwest, which enables it to provide customized, overnight service.
"The acquisition of EFS complements and expands our Midwest regional overnight service offering," said Mark DiBlasi, president and CEO of Roadrunner.
The management team led by Tom Kurgan will remain in place and will continue to run the day-to-day operations of EFS.
"EFS' terminal footprint and service offering align perfectly with our Midwest terminal network with limited overlap," said Scott Dobak, president of Roadrunner's LTL group. "Historically, Roadrunner's Midwest regional service was principally outbound from Chicago to our existing Midwest terminal regions."
In 2011, EFS generated revenues of approximately $19 million. EFS is expected to be accretive to Roadrunner's earnings in the fourth quarter of 2012.
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