BELLEVUE, Wash., Jan. 5, 2017 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE MKT: RLGT), a third party logistics and
multi-modal transportation services company, today announced it has
entered into a letter agreement, by which, through its wholly owned
subsidiary, Wheels International Inc., it has expressed its intent
to acquire Lomas Logistics, a division of L.V. Lomas Limited. Lomas
Logistics operates as a third party logistics provider serving
companies across a diverse range of industries including consumer
goods, healthcare, food and technology and operates from locations
in Ontario and British Columbia, Canada.
Based on unaudited and pro forma historic financial statements
provided by L.V. Lomas, Lomas
Logistics, generated approximately CAD$1.9
million in normalized EBITDA on approximately CAD$17.7 million in revenues for calendar 2015.
The transaction has been structured as a purchase of assets and
subject to completion of Radiant due diligence, the drafting of a
definitive purchase agreement satisfactory to both parties, as well
as the satisfaction of certain standard and customary pre-closing
conditions, the transaction is expected to close in the quarter
ended March 31, 2017.
"We are happy to announce our pending transaction to acquire
Lomas Logistics and are looking forward to welcoming Harry Smit and the entire Lomas Logistics team
to the Radiant/Wheels family," remarked Radiant's Founder and CEO,
Bohn Crain. "As we have discussed,
we have always viewed Wheels International as a platform to support
our Canadian centric acquisition initiatives and we are excited to
have the opportunity to make some progress on this front. In
addition to leveraging our core competency and purchasing power
across several key market verticals, Lomas Logistics also brings a
unique healthcare service offering
with licenses from Health Canada to distribute medical devices,
pharmaceutical and natural health products which is expected to
accelerate the development of a robust healthcare service offering
for Wheels and Radiant."
About Radiant Logistics (NYSE MKT: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a
comprehensive North American provider of third party logistics and
multimodal transportation services. As a non-asset provider,
with minimal investment in equipment, the company delivers advanced
supply chain solutions through a network of company-owned and
strategic operating partner locations across North America.
Through its comprehensive service offering, Radiant provides
domestic and international freight forwarding services, truck and
rail brokerage services and other value-added supply chain
management services, including customs brokerage, order
fulfillment, inventory management and warehousing to a diversified
account base including manufacturers, distributors and retailers
using a network of independent carriers and international agents
positioned strategically around the world.
About L.V. Lomas
L.V. Lomas is one of North America's leading distributors of
chemicals and ingredients, raw materials and packaging products
founded in 1960 by Lloyd V.
Lomas.
This announcement contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual results
may differ significantly from management's expectations. These
forward-looking statements involve risks and uncertainties that
include, among others, risks related to our ability to close the
transaction contemplated as the transaction is presently only
covered by a preliminary letter agreement which is terminable by
either party. Furthermore, there can be no assurances that the
parties will be able to agree on a mutually satisfactory definitive
acquisition agreement; nor can we assure that even if such an
agreement is completed, that the transaction will be closed as it
remains subject to our due diligence and the completion to our
satisfaction of a number of other material closing conditions,
including, but not limited to, the securing of regulatory
approvals, licenses and permits concerning the operations of Lomas
Logistics, securing employment arrangements with the key personnel
of Lomas Logistics, and the securing of bank approval by Radiant.
Assuming the transaction is ultimately completed, we cannot assure
that the future financial performance of the acquired division will
remain consistent with past results; nor that future integration
efforts will produce any particular set of expected cost or revenue
synergies, or expansion of service offerings.
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SOURCE Radiant Logistics, Inc.