WARREN, Mich., Nov. 5,
2019 /PRNewswire/ -- Universal Logistics Holdings, Inc.
(NASDAQ: ULH), a leading asset-light provider of customized
transportation and logistics solutions, announced today its
acquisition of Roadrunner Intermodal Services, LLC, Morgan Southern, Inc., Wando Trucking, LLC, and
Central Cal Transportation, LLC (collectively, "Roadrunner
Intermodal") from Roadrunner Transportation Systems, Inc. (NYSE:
RRTS). Roadrunner Intermodal is a nationwide drayage
provider, servicing major port and rail locations throughout the
United States. Operating a fleet of over 700 tractors,
Roadrunner Intermodal services a broad range of customers utilizing
a mix of company-owned and owner-operator provided capacity. For
the trailing 12-month period ended September
30, 2019, Roadrunner Intermodal reported total operating
revenues of $125 million.
After giving effect to the acquisition of Roadrunner Intermodal
and before any synergies, Universal expects its intermodal drayage
business to operate an estimated fleet of over 2,500 tractors,
transact business from 49 terminals strategically located
throughout the United States, and
produce future annual revenues in excess of $500 million. Universal anticipates that
Roadrunner Intermodal will operate as a subsidiary of Universal
Intermodal, Inc. The transaction should be immediately
accretive to Universal's earnings per share and cash
flow.
"The acquisition of Roadrunner Intermodal is extremely exciting
for us," stated Jeff Rogers,
Universal's Chief Executive Officer. "Roadrunner
Intermodal has been a strong competitor over the years, servicing
several of the same markets as Universal. We see a great deal
of opportunity to integrate these two best-in-class drayage
providers, while adding a significant amount of additional capacity
to our network. I'm excited to get to work with the talented
people at Roadrunner Intermodal and continue delivering outstanding
service to the customers they support."
About Universal
Universal Logistics Holdings, Inc. is a leading asset-light
provider of customized transportation and logistics solutions
throughout the United States, and
in Mexico, Canada and Colombia. We provide our customers with
supply chain solutions that can be scaled to meet their changing
demands and volumes. We offer our customers a broad array of
services across their entire supply chain, including truckload,
brokerage, dedicated, intermodal, and value-added
services.
About Roadrunner Transportation Systems, Inc.
Roadrunner Transportation Systems is a leading asset-right
transportation and asset-light logistics provider offering a full
suite of services and solutions under the Roadrunner®, Active
On-Demand® and Ascent Global Logistics® brands. The Roadrunner
brand offers less-than-truckload and over-the-road truckload
services. Active On-Demand offers premium mission critical air and
ground logistics solutions. Ascent Global Logistics 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.
Forward Looking Statements
Some of the statements contained in this press release might
be considered 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, including
the accretive impact of the transaction and our exploration of
additional acquisition opportunities. All statements other than
statements of historical fact are, or may be deemed to be,
forward-looking statements, which identify prospective information.
In some cases, forward-looking statements can be identified by
words such as "expect," "anticipate," "intend," "plan," "goal,"
"seek," "believe," "project," "estimate," "future," "likely,"
"may," "should" and similar references to future periods. However,
the absence of these words does not mean that the statements are
not forward looking. Forward-looking statements are based on
information available at the time and/or management's good faith
belief with respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the statements. These
forward-looking statements are subject to a number of factors that
may cause actual results to differ materially from the expectations
described. Additional information about the factors that may
adversely affect these forward-looking statements is contained in
the Company's most recent periodic filings with the Securities and
Exchange Commission, including our annual report on Form 10-K and
quarterly reports on Form 10-Q. The Company assumes no obligation
to update forward-looking statements to reflect actual results,
changes in assumptions or changes in other factors affecting
forward-looking information except to the extent required by
applicable securities laws.
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SOURCE Universal Logistics Holdings, Inc.