Wisconsin-based Roadrunner Transportation Services has purchased Bullet Freight Systems, which provides less-than-truckload services through Bullet and truckload services through its Caliber Logistics division.
The company is based out of Anaheim, Calif.

Roadrunner will form a new subsidiary, Bullet Transportation Services, which will provide its LTL services. Meanwhile, Caliber Logistics will continue to operate as a separate division supported by a greater collective sales network. All Bullet services will be maintained and enhanced under RRTS.

According to Roadrunner, the acquisition is part of the company's continued efforts to add service options. Through the transaction, Roadrunner customers will now have access to LTL service as well as partial truckload, intermodal, air, and air solutions. The purchase also expands Roadrunner's customer base, particularly in the Los Angeles, Pacific Northwest and Chicago markets.

The transaction was mostly financed through an equity-linked security rather than debt.