Radiant Logistics to Acquire Canada-Based 3PL Wheels Group Inc.
Radiant Logistics, Inc. (NYSE MKT: RLGT) has announced that it has agreed to acquire Wheels Group, Inc. (TSXV: WGI), one of the largest non-asset based third party logistics providers (3PL) based in Canada.
Under the Arrangement, Radiant has agreed to purchase Wheels for CAD $0.77 per common share, payable either in cash or by delivery of Radiant shares valued at USD $4.25 per share, for a total equity value of approximately CAD $69 million.
With historic Wheels debt expected to be refinanced, the transaction is expected to have an estimated total enterprise value of CAD $95 million.
Wheels, founded in 1988, provides intermodal and truck brokerage services throughout the United States and Canada along with third party logistics solutions and value added warehouse and distribution service offerings in support of U.S. shippers looking to access the Canadian markets.
Radiant Logistics (www.radiantdelivers.com) is a non-asset based transportation and logistics company providing domestic and international freight forwarding services and an expanding array of value-added solutions, including customs and property brokerage, order fulfillment, inventory management and warehousing.
Radiant operates through a network of company-owned and independent agent offices across North America under the Radiant, Airgroup, Adcom, DBA and On Time network brands.
Category: General Update