Radiant Logistics continues acquisition spree

In a year full of logistics mergers and acquisitions, U.S.-based Radiant Logistics has acquired privately held Minneapolis firm, Copper Logistics. Radiant paid approximately 50 percent of the purchase price at closing, with the balance to be paid in subsequent periods, based on the future performance of the acquired operation.

Copper will move to the Radiant brand, serving as its Midwest gateway near the Minneapolis-St. Paul Airport (MSP).  Both logistics companies are non-asset based domestic and international freight forwarders, offering warehousing and air, ocean or ground shipping for retailers and manufacturers. The total purchase price has not been disclosed.

Radiant’s founder and CEO, Bohn Crain, said he has “particular interest in continuing to build density in strategic markets like MSP, where we already have company-owned operations that we can leverage in driving both revenue and cost synergies.”  Based in Bellevue, Wash., Radiant has company-owned operations in 15 markets across North America, he said. With the benefit of US$65 million in assets that are “virtually untapped,” the company is in a good position to on-board a significant number of new operating partners as it has the opportunity, he added.

Radiant reported revenue of $502.7 million for the fiscal year ended June 30, 2015, with net revenues of $123.7 million and an adjusted EBITDA of $17.3 million – an increase of $2.5 million, or 16.9 percent, over the prior fiscal year.

This latest acquisition comes after a busy year, which has seen XPO Logistics acquire Norbert Dentressangle and Conway Trucking; UPS acquiring Coyote Logistics; and Geodis acquiring OHL Logistics, among others.