Roadrunner Transportation Systems Inc. (RRTS: Quote) has acquired R&M Transportation and Sortino Transportation for about $24.4 million, plus an earn-out capped at $5 million.
Both R&M Transportation and Sortino Transportation provides truckload services in Omaha, Nebraska. R&M and Sortino transport primarily refrigerated product throughout the United States.
Roadrunner also announced it has amended and expanded its credit facility to $295 million to provide enhanced liquidity and future growth capital.
Chief Executive Mark DiBlasi said, "The acquisition of R&M and Sortino expands our refrigerated capacity in key lanes and broadens our customer base. In addition, R&M and Sortino's Midwest presence enables us to more effectively cross-sell our truckload services because of their superior service and solid, long-term customer relationships."
In 2011, R&M and Sortino together generated revenues of around $64.5 million. R&M and Sortino are expected to be accretive to Roadrunner's earnings in 2012.
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by RTT Staff Writer
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