Roadrunner, Prime Logistics completes merger
Roadrunner Transportation Systems said it has completed a merger with Prime Logistics.
Roadrunner paid $97.5 million, consisting of $94.5 million in cash and $3 million in stock. To finance the transaction, originally announced Aug. 23, Roadrunner expanded its credit facility to $240 million.
Prime is a non-asset-based provider of logistics and freight consolidation services. Its customers are predominately comprised of food producers who ship more than 1 billion pounds of product to retailers, distributors and warehouses annually. Prime has more than 2 million square feet of facilities used for freight consolidation, inventory management, warehousing, order fulfillment, and related less-than-truckload and truckload services.
Roadrunner describes itself as an asset-light transportation and logistics services provider. It offers customized and expedited LTL, truckload, transportation management, intermodal and air services.
