Roadrunner Transportation Systems, Inc. (“Roadrunner”), a leading asset-right transportation and asset-light logistics service provider, today announced that it has signed a definitive agreement to sell its wholly-owned Unitrans, Inc. subsidiary to Quick International Courier for a purchase price of $95 million in cash. Based in Los Angeles, Unitrans is a leading international cold chain logistics company with a core competency in serving highly demanding and fast-growing life sciences end markets. The transaction is expected to close in the current calendar quarter, subject to customary closing conditions. BMO Capital Markets served as the exclusive financial advisor to Roadrunner on this transaction.
“We have agreed to divest Unitrans, Inc., which is an excellent business but did not integrate within our portfolio. 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. We wish the Unitrans management team and team members well and know that they will have exciting new opportunities as they become part of Quick International Courier,” said Curt Stoelting, Roadrunner’s Chief Executive Officer.
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Source: Roadrunner Transportation Systems