Roadrunner Transportation Systems Announces Divestiture of Unitrans, Inc.
August 17 2017 - 6:00AM
Business Wire
Roadrunner Transportation Systems, Inc. (“Roadrunner”) (NYSE:
RRTS), a leading asset-right transportation and asset-light
logistics service provider, today announced that it has signed a
definitive agreement to sell its wholly-owned Unitrans, Inc.
subsidiary to Quick International Courier for a purchase price of
$95 million in cash. Based in Los Angeles, Unitrans is a leading
international cold chain logistics company with a core competency
in serving highly demanding and fast-growing life sciences end
markets. The transaction is expected to close in the current
calendar quarter, subject to customary closing conditions. BMO
Capital Markets served as the exclusive financial advisor to
Roadrunner on this transaction.
“We have agreed to divest Unitrans, Inc., which is an excellent
business but did not integrate within our portfolio. We expect to
use the proceeds from this transaction to reduce outstanding debt,
redeem certain of our outstanding preferred stock, lower our
leverage, and reduce interest expense. We wish the Unitrans
management team and team members well and know that they will have
exciting new opportunities as they become part of Quick
International Courier,” said Curt Stoelting, Roadrunner’s Chief
Executive Officer.
About Roadrunner Transportation Systems, Inc.
Roadrunner is a leading asset-right transportation and
asset-light logistics service provider offering a full suite of
solutions under the Roadrunner Freight, Roadrunner Express,
Roadrunner Temperature Controlled, Roadrunner Truckload Plus,
Roadrunner Intermodal Services and Ascent Global Logistics® brands.
The Roadrunner brand offers solutions including
less-than-truckload, air and ground domestic and cross-border
expedite, dry van and temperature controlled truckload logistics
and intermodal services. The Ascent Global Logistics brand offers
domestic freight management, retail consolidation, international
freight forwarding and customs brokerage. For more information,
please visit Roadrunner’s websites, www.rrts.com and www.ascentgl.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which relate to future events or performance.
Forward-looking statements include, among others, statements
regarding Roadrunner’s expectations on the closing of the sale of
Unitrans and the use of proceeds from the sale of Unitrans. These
statements are often, but not always, made through the use of words
or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,”
“project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,”
“predict,” “potential,” “opportunity,” and similar words or phrases
or the negatives of these words or phrases. These forward-looking
statements are based on Roadrunner’s current assumptions,
expectations and beliefs and are subject to substantial risks,
estimates, assumptions, uncertainties and changes in circumstances
that may cause Roadrunner’s actual results, performance or
achievements, to differ materially from those expressed or implied
in any forward-looking statement. Such factors include, among
others, the risk factors contained in Roadrunner’s SEC filings,
including Roadrunner’s most recent Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q. Because the risks, estimates,
assumptions and uncertainties referred to above could cause actual
results or outcomes to differ materially from those expressed in
any forward-looking statements, you should not place undue reliance
on any forward-looking statements. Any forward-looking statement
speaks only as of the date hereof, and, except as required by law,
Roadrunner assumes no obligation and does not intend to update any
forward-looking statement to reflect events or circumstances after
the date hereof.
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version on businesswire.com: http://www.businesswire.com/news/home/20170817005373/en/
Roadrunner Transportation Systems, Inc.Paula
Harte331-903-4256orReputation PartnersMarilyn
Vollrath414-376-8834ir@rrts.com
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