Roadrunner to Acquire Southeast Drayage Division of Transport America
Roadrunner Transportation Systems, Inc. (NYSE: RRTS) has announced that it has acquired certain of the assets of the Southeast drayage division of Transport Corporation of America, Inc. (“TA Drayage”), a provider of intermodal transportation and related services in the Southeast.
TA Drayage primarily transports imports and exports for steamship lines and intermodal marketing companies from the ports of Charleston, South Carolina, Norfolk, Virginia and Savannah, Georgia. TA Drayage also services the rail ramps of Atlanta, Georgia, Memphis, Tennessee and Birmingham, Alabama. The purchase price was approximately $1.2 million. The acquisition was financed with Roadrunner’s cash on hand.
Ben Kirkland, President of Roadrunner Intermodal Services (“RRIS”), said, “The TA Drayage acquisition enhances the scale and density of our intermodal services in the Southeast, complementing our asset-light service offering with the addition of over 100 independent contractors. We will absorb the TA Drayage operations into our existing Southeast RRIS locations, and we look forward to supporting and expanding TA Drayage’s strong customer relationships and service record as we pursue continued growth in the business.”
During calendar year 2012, TA Drayage generated approximately $20 million in revenues. TA Drayage is expected to be accretive to Roadrunner’s earnings in 2013. More info at: Roadrunner Transportation Systems, Inc.
Category: Featured, General Update
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