Roadrunner Transportation Systems’ $95 million sale of Unitrans to Quick International Courier is expected to close this quarter, according to a statement from the Downers Grove, Ill.-based asset-light trucking and third-party logistics company.
Downers Grove, Ill.-based Roadrunner Transportation Systems, Inc., an asset-light trucking and third-party logistics company, signed a definitive agreement to sell its wholly-owned subsidiary, Unitrans, Inc., to Quick International Courier for $95 million in cash.
The transaction is expected to close this quarter, subject to customary closing conditions, Roadrunner said today.
Unitrans is an international cold chain logistics company headquartered in Los Angeles that primarily focuses on serving life sciences end markets.
New York-based Quick International is a global time-critical transportation and logistics provider that specializes in shipping life-saving organs for transplant, critical parts for the high-tech and manufacturing industries, and confidential documents for the legal industry, according to its website.
Commenting on the deal, Roadrunner CEO Curt Stoelting said, “We expect to use the proceeds from this transaction to reduce outstanding debt, redeem certain of our outstanding preferred stock, lower our leverage, and reduce interest expense.”
Back in January, Roadrunner uncovered costly errors in its financial accounting dating back to the full year in 2014.
In early May, the company announced it received a $540 million redeemable preferred stock investment from affiliates of private investment firm Elliott Management and unveiled changes to its top management team. A few weeks later, the company revealed it was moving its headquarters from Cudahy, Wis. to Downers Grove to give the new executive management team easier access to customers and operating units.
Just last month, Roadrunner closed on a new five-year $292 million asset-based lending facility (ABL) provided by BMO Harris Bank, JPMorgan Chase and Wells Fargo Capital Finance.
Stoelting said the ABL completed the company’s last key step in its recapitalization. “We now have the financing and capital in place to support our current business levels and organic growth over the next five years,” he said.
Roadrunner to sell cold chain logistics subsidiary to Quick International Courier
