The deal included substantially all of the operating assets of R&M and all of the outstanding stock of Sortino, as well as a maximum $5 million earn-out.
Roadrunner, which has made three other acquisitions this year, also amended and expanded its credit facility to $295 million to make room for future growth and received a 100 basis point reduction in interest rates.
R&M and Sortino are both truckload services companies based in Omaha, focusing on U.S. refrigerated transportation using both their own fleets and independent contractors.
“The acquisition of R&M and Sortino expands our refrigerated capacity in key lanes and broadens our customer base, said Mark DiBlasi, president and CEO of Roadrunner.”In addition, R&M and Sortino’s Midwest presence enables us to more effectively cross-sell our truckload services because of their superior service and solid, long-term customer relationships. R&M and Sortino’s principal former owners and experienced management team will remain in place and are excited about the growth opportunities we collectively envision.”
Together, Sortino and R&M had about $64.5 million in revenue last year. They are likely to be accretive to Roadrunner’s earnings for 2012.
Roadrunner reported net income of $10.2 million in the second quarter, a 37.3 percent jump from one year ago. Total revenue was $262.5 million for the quarter, up 26 percent.