RENTON, Wash., Dec. 6, 2021 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE MKT: RLGT), a third-party logistics and
multi-modal transportation services company, today announced it has
acquired Navegate, Inc. ("Navegate" or the "Company"), a
Minnesota based, privately held
company that combines its robust digital platform and team's
expertise to manage international, cross border, and domestic
freight from purchase order to final delivery. The transaction is
valued at $35.0 million, subject to
certain hold-back provisions and working capital adjustments as of
the closing date.
Founded in 1969, Navegate is headquartered in Mendota Heights, Minnesota (Twin Cities) with offices in Addison, Illinois (Chicago) and Shanghai, China. Navegate's team of
international and domestic logistics experts deliver world-class,
tech-enabled logistics services, including customs brokerage,
international ocean and air freight forwarding, domestic truck
brokerage, drayage and transload services. These services are
delivered through the Company's proprietary global trade management
software platform that includes advanced purchase order and vendor
management tools and has been recognized by Inbound
Logistics' "Top 100 List of Information Technology Providers"
over the past several years.
Based on historic financial statements provided by its
management, Navegate generated approximately $5.9 million in normalized EBITDA on
approximately $88.0 million in
revenues for the twelve months ended September 30, 2021. Post-closing, Navegate will
operate as a wholly owned subsidiary of Radiant Logistics, Inc.
under the continued leadership of Joe
Pelletier and Chad Bickett.
In addition to continuing to grow its organic account base,
Navegate will generate cross-selling opportunities for Radiant as
it integrates its global trade management services with Radiant's
100+ operating locations and broader customer base.
"We are very excited to have the opportunity to join forces with
Navegate," said Bohn Crain, Radiant
CEO and Founder. "We have been patiently looking for the right next
transaction to complement the Radiant network and we found it in
Navegate. In addition to solidifying our presence in Shanghai, Navegate also strengthens our
international services offering, particularly in the areas of
customs brokerage, ocean forwarding and drayage services and brings
with it a robust global trade management capability. These new
global trade management capabilities will be made available to the
entire Radiant network to provide our customers with purchase order
and vendor management tools that unlock SKU-level visibility from
the manufacturing floor in Asia
through final delivery here in the U.S. With both the enhanced
service offerings and propriety global trade management technology,
we believe we will further differentiate ourselves in the
marketplace and be even better positioned to provide additional
support for both current and prospective customers in this capacity
constrained market."
"We are excited to be joining Radiant," said Nathan Dey, Chief Executive Officer of Navegate.
"We were looking for a long-term partner with that same passion for
servicing the customer and a shared vision to further advance our
business and provide an opportunity for growth for our employees.
We are looking forward to leveraging our own strengths along with
the capabilities of the Radiant network to bring additional value
to our customers, while introducing the Radiant network to our
purchase order and vendor management capabilities."
About Navegate
Navegate, Inc. is a technology-enabled
supply chain management and third-party logistics services company
that combines a robust digital platform and decades of expertise to
manage international, cross border, and domestic freight from
purchase order to final delivery. Navegate's combination of
tech-enabled services, customs brokerage expertise, and a full
complement of international and domestic services significantly
reduces costs and leads to better compliance and risk mitigation
for its customers.
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, including the performance of
our recently-acquired Navegate business at levels that are
consistent with its recent unaudited results. 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, the performance of our historic business at
levels consistent with recent trends and reflective of the
synergies we believe will be available to us as a result of our
recent acquisitions; our ability to successfully integrate our
recently acquired Navegate business; and 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, 2021 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.