Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Roadrunner Transportation Systems, Inc. | c18243e8vk.htm |
| EX-10.10 - EXHIBIT 10.10 - Roadrunner Transportation Systems, Inc. | c18243exv10w10.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
ROADRUNNER TRANSPORTATION SYSTEMS ANNOUNCES ACQUISITION OF
BRUENGER TRUCKING
BRUENGER TRUCKING
Cudahy, WI — May 31, 2011 — Roadrunner Transportation Systems, Inc. (NYSE: RRTS), announced today
that it has acquired all of the outstanding stock of Bruenger Trucking Company, a provider of
truckload services based in Wichita, Kansas, for approximately $10.6 million, plus an earn-out
capped at $3 million. Bruenger transports primarily refrigerated product throughout the United
States, utilizing a combination of independent contractors and a modern fleet of company-owned
equipment. The acquisition was financed with borrowings under Roadrunner’s amended and expanded
credit facility.
Mark DiBlasi, President and CEO of Roadrunner, said, “The acquisition of Bruenger broadens our
geographic coverage and expands our capacity network. Bruenger’s Midwest presence and East/West
traffic will also enable us to more effectively cross-sell our truckload services. In addition,
Bruenger brings superior service and safety records to Roadrunner, together with solid, long-term
customer relationships. Bruenger’s principal former owner and experienced management team will
remain in place and are excited about the growth opportunities we collectively envision.”
Peter Armbruster, CFO of Roadrunner, said, “During calendar year 2010, Bruenger generated
approximately $23 million in revenues and approximately $3.5 million of earnings before interest,
taxes, depreciation, and amortization. The earn-out portion of the purchase price is fully accrued
and is based upon Bruenger’s operations attaining certain growth and performance objectives over
the next 3.5 years. The base threshold for any earnout amount to be paid is $2.1 million of annual
operating income. We expect the Bruenger acquisition to be accretive to our net earnings for the
balance of 2011 and beyond.”
About Roadrunner Transportation Systems, Inc.
Roadrunner Transportation Systems is a leading asset-light transportation and logistics services
provider offering a full suite of solutions, including customized and expedited
less-than-truckload, truckload, transportation management solutions and intermodal solutions, and
domestic and international air. For more information, please visit Roadrunner’s website,
www.rrts.com.
-more-
Page 2
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These
statements reflect the company’s current expectations, and the company does not undertake to update
or revise these forward-looking statements, even if experience or future changes make it clear that
any projected results expressed or implied in this or other company statements will not be
realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties,
many of which are beyond the company’s control, which could cause actual results to differ
materially from the forward-looking statements. These risks and uncertainties include, but are not
limited to, risks related to the ability to obtain revenue enhancements from this transaction and
those other risks that are described from time to time in the company’s SEC filings.
CONTACTS: Peter Armbruster,
Chief Financial Officer, 414-615-1648
Email: ir@rrts.com
Chief Financial Officer, 414-615-1648
Email: ir@rrts.com
Marilyn Vollrath,
Vollrath Associates 414-221-0217
Vollrath Associates 414-221-0217
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