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Radiant Logistics Acquires Two Of Its Adcom Worldwide Agency LocationsBELLEVUE, Wash., Feb. 10, 2020 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today announced it has purchased the assets and operations of two of its Adcom agency locations based in Alexandria, Virginia and Pittsburgh, Pennsylvania, through its wholly-owned subsidiary, Radiant Global Logistics, Inc. The Company acquired both operating locations from its long-time strategic operating partner, Bonnie Knoedler. A portion of the purchase price was paid at closing in a combination of cash and stock, with the balance payable in subsequent periods based on the future performance of the acquired operations; each of which are expected to transition to the Radiant brand while remaining under Ms. Knoedler's continued leadership. The acquired agencies are expected to add to the strength and diversity of Radiant's network of Company-owned operations and will continue to provide a full range of hyper-care domestic and international transportation and logistics services to customers in the medical device, high-tech and trade-show industries. "We are delighted to progress our long-term partnership with Bonnie Knoedler," remarked Radiant's Founder and CEO, Bohn Crain. "Bonnie has an exceptional story which includes a 34-year history with Adcom Worldwide, starting first with an internship her senior year at American University learning transportation at Adcom Express. She subsequently became a sales representative at the Virginia location which she ultimately acquired in 2005. We helped Bonnie with a strategy on how to acquire the Pittsburgh operations which she completed in 2009 and appreciate the opportunity to now take this next step. Our goal at Radiant has always been to be the preferred platform for logistics entrepreneurs. We provide our strategic operating partners with an opportunity to work as shareholders and share in the value that they help create and ultimately offer a unique opportunity in terms of succession planning and liquidity. We are excited to welcome Bonnie and her entire team more directly into the Radiant organization and believe our acquisition of these two operating locations is representative of a broader pipeline of opportunities inherent in our agent-based network. We continue to enjoy very low leverage on our balance sheet and the financial flexibility to support other strategic operating partners when they are ready to begin their transition from an agency to a company-owned location."
About Radiant Logistics (NYSE American: RLGT) This press release includes 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, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, those risk factors that apply to our operations as disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2019 and other filings with the Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiantdelivers.com). Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.
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