BELLEVUE, Wash., Feb. 10, 2020 /PRNewswire/ -- Radiant Logistics,
Inc. (NYSE American: RLGT), a third-party logistics and multimodal
transportation services company, today announced it has purchased
the assets and operations of two of its Adcom agency locations
based in Alexandria, Virginia and
Pittsburgh, Pennsylvania, through
its wholly-owned subsidiary, Radiant Global Logistics, Inc. The
Company acquired both operating locations from its long-time
strategic operating partner, Bonnie
Knoedler. A portion of the purchase price was paid at
closing in a combination of cash and stock, with the balance
payable in subsequent periods based on the future performance of
the acquired operations; each of which are expected to transition
to the Radiant brand while remaining under Ms. Knoedler's continued
leadership. The acquired agencies are expected to add to the
strength and diversity of Radiant's network of Company-owned
operations and will continue to provide a full range of hyper-care
domestic and international transportation and logistics services to
customers in the medical device, high-tech and trade-show
industries.
"We are delighted to progress our long-term partnership with
Bonnie Knoedler," remarked Radiant's
Founder and CEO, Bohn Crain. "Bonnie
has an exceptional story which includes a 34-year history with
Adcom Worldwide, starting first with an internship her senior year
at American University learning
transportation at Adcom Express. She subsequently became a sales
representative at the Virginia
location which she ultimately acquired in 2005. We helped
Bonnie with a strategy on how to acquire the Pittsburgh operations which she completed in
2009 and appreciate the opportunity to now take this next step. Our
goal at Radiant has always been to be the preferred platform for
logistics entrepreneurs. We provide our strategic operating
partners with an opportunity to work as shareholders and share in
the value that they help create and ultimately offer a unique
opportunity in terms of succession planning and liquidity. We are
excited to welcome Bonnie and her entire team more directly into
the Radiant organization and believe our acquisition of these two
operating locations is representative of a broader pipeline of
opportunities inherent in our agent-based network. We continue
to enjoy very low leverage on our balance sheet and the financial
flexibility to support other strategic operating partners when they
are ready to begin their transition from an agency to a
company-owned location."
Said Bonnie Knoedler of the
transition: "We are thrilled to have Radiant's continued support in
this natural progression of our long-term partnership. This was the
only home that made sense to go to for my entire team and me.
Through literally decades of dedicated service, our customers have
always remained our top priority, whether they are here in the U.S.
or abroad. I am appreciative of the opportunity to continue to lead
my employees through this transition for the foreseeable future and
to ensure that our team remains in place to continue to provide the
exceptional level of service that our customers have come to
expect. Radiant consistently demonstrates a real appreciation for
the needs of the local owner/entrepreneur and we are looking
forward to leveraging this new partnership to bring additional
value to our customers, while providing an opportunity for growth
for our employees." Ms. Knoedler will continue as Regional
Director for Radiant's mid-Atlantic region.
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is
a comprehensive North American provider of third-party
logistics and multimodal transportation services. 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.
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, regarding future operating performance, events, trends and
plans. All statements other than statements of historical
fact contained herein, including, without limitation, statements
regarding our future financial position, business strategy,
budgets, projected revenues and costs, and plans and objectives of
management for future operations, are forward-looking
statements. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "expects," "intends," "plans," "projects," "estimates,"
"anticipates," or "believes" or the negative thereof or any
variation thereon or similar terminology or expressions. We have
based these forward-looking statements on our current expectations
and projections about future events. These forward-looking
statements are not guarantees and are subject to known and unknown
risks, uncertainties and assumptions about us that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause our
actual results to differ from our expectations, include but are not
limited to, those risk factors that apply to our operations as
disclosed in Item 1A of our Report on Form 10-K for the year ended
June 30, 2019 and other filings with
the Securities and Exchange Commission and other public documents
and press releases which can be found on our web-site
(www.radiantdelivers.com). Readers are cautioned not to place undue
reliance on our forward-looking statements, as they speak only as
of the date made. Such statements are not guarantees of future
performance or events and we undertake no obligation to disclose
any revision to these forward-looking statements to reflect events
or circumstances occurring after the date hereof.
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SOURCE Radiant Logistics, Inc.