Roadrunner acquires CTW Transport
Roadrunner Transportation Systems, Inc. has continued with its acquisition strategy for 2012 with the addition of CTW Transport, a truckload carrier focused primarily on refrigerated food products. CTW, located in Massachusetts, has been acquired for approximately $7.5m plus an earnout clause. The acquisition was financed with borrowings under Roadrunner’s credit facility.
“The acquisition of CTW broadens the service offerings within our Truckload & Logistics business segment and expands our refrigerated capacity and customer base,” said Mark DiBlasi, CEO of Roadrunner. “CTW’s former owner will remain in place and is excited about the growth opportunities we collectively envision.”
For 2012, CTW expects to generate revenues of approximately $15m. CTW is expected to be accretive to Roadrunner’s earnings in 2012.
Roadrunner has previously acquired Capital Transportation Logistics and D&E Transport in March and April 2012 respectively.