Universal Logistics Holdings, Inc. have announced the 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.. 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 has 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 $125m.
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 $500m. 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. “
Source: Universal
