Strengthens Company's presence in Portland, Oregon
RENTON,
Wash., June 6, 2024 /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 DVA Associates, Inc. ("DVA"), a Portland, Oregon based, privately held company
that provides a full range of domestic and international
transportation and logistics services across North America. 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.
Originally founded in 1984, DVA services a diversified account
base including the footwear, apparel and tradeshow industries. From
inception through the date of acquisition, DVA operated as part of
a competing transportation group. On a post-closing basis, DVA will
continue under the leadership of Danielle
Van Auken and ultimately combine with Radiant's legacy
company owned operations in the Portland market.
Danielle Van Auken of DVA
commented, "We were looking for a long-term partner with that same
passion and priority for servicing the customer and we found that
partner in Radiant. Now that we have the opportunity to fly the
Radiant flag here in Portland, 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 also providing our team with the professional
growth opportunities that come with being part of a larger
organization."
"We are pleased to be able to support DVA in this transition and
are excited for this next chapter with Danielle and the entire team
in Portland," remarked Radiant's
Founder and CEO, Bohn Crain. "We
have purposefully positioned ourselves to bring value to logistics
entrepreneurs like Danielle and believe that the DVA transaction is
representative of a broader pipeline of opportunities available to
us in the marketplace. We have a particular interest in continuing
to build density in markets like Portland, where we already have company owned
operations and have the opportunity for incremental revenue and
cost synergies at the node level of our network. We currently have
company owned operations in over 20 markets across North America and each of these locations
represents a platform from which we can continue to attract
like-minded logistics entrepreneurs who see value in our platform.
We remain debt free at this point, and with our untapped
$200 million credit facility we are
well positioned to on-board a significant number of new operating
partners as we have the opportunity."
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, 2023 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.