Radiant Logistics announced it has entered into a letter agreement, by which, through its wholly owned subsidiary, Wheels International, it plans to acquire Lomas Logistics, a division of L.V. Lomas Limited.
Lomas Logistics operates as a third-party logistics provider serving companies across several industries including consumer goods, healthcare, food and technology and operates from locations in Ontario and British Columbia, Canada.
The transaction has been structured as a purchase of assets and subject to completion of Radiant due diligence, the drafting of a definitive purchase agreement satisfactory to both parties, as well as the satisfaction of certain standard and customary pre-closing conditions. The transaction is expected to close in the quarter ended March 31, 2017.
Radiant’s Founder and CEO, Bohn Crain, said, “We are happy to announce our pending transaction to acquire Lomas Logistics and are looking forward to welcoming Harry Smit and the entire Lomas Logistics team to the Radiant/Wheels family.”
He added, “As we have discussed, we have always viewed Wheels International as a platform to support our Canadian centric acquisition initiatives and we are excited to have the opportunity to make some progress on this front. In addition to leveraging our core competency and purchasing power across several key market verticals, Lomas Logistics also brings a unique healthcare service offering with licenses from Health Canada to distribute medical devices, pharmaceutical and natural health products which is expected to accelerate the development of a robust healthcare service offering for Wheels and Radiant.”
Source: Radiant Logistics