Roadrunner Busline Systems, Inc. (“Roadrunner” or the “company”) (NYSE: RRTS), a arch asset-right busline and asset-light acumen account provider, today appear it has active a absolute acceding for the auction of its Prime Distribution Casework business to C.H. Robinson Worldwide, Inc. (Nasdaq: CHRW) for $225 actor in cash, accountable to accepted acquirement amount adjustments. The transaction is accountable to accepted closing conditions, including authoritative approval, and is accepted to abutting by the end of the aboriginal quarter.
Prime Distribution Services, headquartered in Plainfield, Indiana, provides a absolute apartment of retail alliance solutions, with bristles aliment cast barn accessories strategically amid beyond the nation and a aggregation of retail accumulation alternation experts committed to allowance audience accomplish acquiescence with ample U.S. banker charge and in-stock requirements. The business had acquirement of $108.7 actor for the year concluded December 31, 2019 and is allotment of the company’s Ascent Global Acumen segment.
“The denial of Prime Distribution Casework is a different befalling for us to decidedly advance our antithesis area by advantageous off all borrowings beneath our ABL and Term Loan Credit Facilities. We accept we are able-bodied positioned to assassinate our action of simplifying our portfolio by advance in our absolute Ascent Global Logistics, Active On-Demand and asset ablaze LTL segments. We additionally accept that our stronger antithesis area will accredit us to accompany added value-creation opportunities, such as incremental amoebic business amplification and tuck-in acquisitions. We abide committed to convalescent operating performance, breeding adorable allotment on invested basic and architecture abiding actor value,” said Curt Stoelting, Chief Executive Officer of Roadrunner.
“We accept abundant account for C.H. Robinson, its administration aggregation and employees. We apperceive the C.H. Robinson aggregation shares our charge to barter and is committed to accouterment affection acumen casework that advice barter accomplish and abound their business,” added Stoelting.
Oppenheimer & Co. Inc. acted as banking adviser and Debevoise & Plimpton LLC served as acknowledged adviser to Roadrunner on the transaction.
About Roadrunner Busline Systems, Inc.
Roadrunner Busline Systems is a arch asset-right busline and asset-light acumen provider alms a abounding apartment of casework and solutions beneath the Roadrunner®, Active On-Demand® and Ascent Global Logistics® brands. The Roadrunner cast offers less-than-truckload and over-the-road truckload services. Active On-Demand offers exceptional mission analytical air and arena acumen solutions. Ascent Global Acumen offers calm bales management, all-embracing bales forwarding and community brokerage. For added information, amuse appointment Roadrunner’s websites, www.rrts.com and www.ascentgl.com.
About C.H. Robinson
C.H. Robinson solves acumen problems for companies beyond the apple and beyond industries, from the simple to the best complex. With about $20 billion in bales beneath administration and 18 actor shipments annually, C.H. Robinson is one of the world’s better acumen platforms. For added information, appointment www.chrobinson.com (Nasdaq: CHRW).
Safe Harbor Account
This columnist absolution contains advanced statements aural the acceptation of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which chronicle to approaching contest or performance. Advanced statements include, amid others, statements apropos Roadrunner’s acceptance that the denial of Prime Distribution Casework will decidedly advance the company’s antithesis sheet; that the aggregation is able-bodied positioned to advance in its absolute segments; that the aggregation will be enabled to accompany added value-creation opportunities, such as incremental amoebic business amplification and tuck-in acquisitions; and the company’s charge to convalescent operating performance, breeding adorable allotment on invested basic and architecture abiding actor value. Advanced statements are often, but not always, fabricated through the use of words or phrases such as “may,” “will,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “predict,” “potential,” “opportunity,” and agnate words or phrases or the negatives of these words or phrases. These advanced statements are based on Roadrunner’s accepted assumptions, expectations and behavior and are accountable to abundant risks, estimates, assumptions, uncertainties and changes in affairs that may account Roadrunner’s absolute results, achievement or achievements to alter materially from those bidding or adumbrated in any advanced statement. Such factors include, amid others, risks accompanying to the digest of Roadrunner’s ahead issued banking statements, the remediation of Roadrunner’s articular absolute weaknesses in its centralized ascendancy over banking reporting, and the added accident factors independent in Roadrunner’s SEC filings, including Roadrunner’s Annual Report on Form 10-K for the year concluded December 31, 2018. Because the risks, estimates, assumptions and uncertainties referred to aloft could account absolute after-effects or outcomes to alter materially from those bidding in any advanced statements, you should not abode disproportionate assurance on any advanced statements. Any advanced account speaks alone as of the date hereof, and, except as appropriate by law, Roadrunner assumes no obligation and does not intend to amend any advanced account to reflect contest or affairs afterwards the date hereof.
View antecedent adaptation on businesswire.com: https://www.businesswire.com/news/home/20200128005676/en/
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