RENTON,
Wash., Oct. 5, 2022 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a leading provider of
technology-enabled global transportation and value added logistics
solutions, today announced it has acquired the operations of
Cascade Enterprises of Minnesota,
Inc. ("Cascade"), a Minneapolis,
Minnesota based, privately held company that has operated
under the Company's Airgroup brand since 2007. The Company
structured the transaction similar to its previous transactions,
with a portion of the expected purchase price payable in subsequent
periods based on the future performance of the acquired
operations.
On a post-closing basis, Cascade will continue to operate under
the Airgroup brand through the remainder of 2022 and is expected to
transition to the Radiant brand in early 2023 as Cascade is
combined with existing Company owned operations in the Minneapolis area.
Tom Heinsen, Founder and CEO of
Cascade commented, "Back in 2007 we were looking to align ourselves
with a partner who shared our passion for the business. In Radiant
we found that and so much more. As both an early partner and
shareholder, it has been exciting to be a part of the building
momentum of the Radiant network. Radiant has consistently provided
an environment that allowed us to build our business and share in
the value creation opportunity as a shareholder. They continue to
do this as we transition our business while ensuring the continued
success of our customers and employees."
"With the benefit of Radiant's recent acquisition of Navegate in
December 2021, we are particularly
excited to work with Joe Pelletier
and his team to take the Navegate technology to our customers.
Through the Navegate platform we now have access to a very robust
global trade management solution that will provide purchase order
and vendor management tools that unlocks SKU-level visibility from
the manufacturing floor in Asia
through final delivery here in the U.S. We believe this will allow
us to further differentiate ourselves in the marketplace and
provide additional support for both current and prospective
customers." Mr. Heinsen will continue with Radiant as Vice
President, Strategic Accounts.
"The Cascade transaction and our long-standing partnership with
Tom and his team are significant to the continued evolution of
Radiant," remarked Radiant's Founder and CEO, Bohn Crain. "We launched Radiant in 2006 with
the goal of partnering with logistics entrepreneurs who would
benefit from our unique value proposition. It is satisfying to know
that Tom has shared in the value that he has helped to create and
is now able to take advantage of the built-in exit strategy
available to the entrepreneurs participating in our network. It was
March of 2007 when we welcomed Tom to the Radiant network.
From the beginning Tom has participated as a shareholder and as one
of the larger operating partners in our network. We are very proud
to be able to support Tom and his team in this transaction and help
them reach their own individual goals."
Crain continued: "We believe that the Cascade transaction is
also indicative of the broader opportunity available to us in the
marketplace and that there will be more entrepreneurs, both
internal and external to our existing network, that will look to
join our ranks. This remains a very exciting time in the
evolution of Radiant and we remain confident that our growth
strategy will continue to bring value to our operating partners,
our shareholders and to the end customers that we serve."
About Navegate
Navegate's robust digital platform
offers a unique combination of tech-enabled services, customs
brokerage expertise, and a full complement of international and
domestic services to help customers significantly reduces costs and
better manage their compliance and risk mitigation strategies. In
2021 Navegate was acquired by Radiant and continues to evolve and
offer unparalleled control and visibility over the supply chain
process.
About Radiant Logistics (NYSE American: RLGT)
Radiant
Logistics, Inc. (www.radiantdelivers.com) is a publicly traded
third party logistics company providing technology-enabled global
transportation and value added logistics solutions primarily to
customers based in the United
States and Canada. Through
its comprehensive service offering, Radiant provides domestic and
international freight forwarding along with truck and rail
brokerage services to a diversified account base including
manufacturers, distributors and retailers which it supports from an
extensive network of Radiant and agent-owned offices throughout
North America and other key
markets around the world. Radiant's value-added logistics services
include warehouse and distribution, customs brokerage, order
fulfillment, inventory management and technology services.
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, 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; 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.
![Radiant Logistics, Inc. logo. (PRNewsFoto/Radiant Logistics, Inc.) Radiant Logistics, Inc. logo. (PRNewsFoto/Radiant Logistics, Inc.)](https://mma.prnewswire.com/media/73947/Radiant_Logo.jpg)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/radiant-logistics-acquires-strategic-operating-partner-cascade-enterprises-of-minnesota-inc-301641060.html
SOURCE Radiant Logistics, Inc.