Roadrunner Transportation Systems said Monday it had acquired the outstanding capital stock of CTW Transport, a truckload carrier based in Massachusetts and focused primarily on refrigerated food products, for about $7.5 million plus an earnout, a payment based on CTW’s performance after the acquisition.
CTW’s former owner will remain in place.
The acquisition was financed with borrowings under Wisconsin-based Roadrunner’s credit facility.
Mark DiBlasi, Roadrunner’s chief executive officer, said the acquisition will broaden the company’s service offerings, refrigerated capacity and customer base.
For 2012, CTW expects to generate revenues of about $15 million. Roadrunner had total revenues of $844 million and net revenues (total revenues less purchased transportation costs) of $223 million in 2011. – Chris Dupin
Roadrunner buys trucker
