Radiant acquires Copper Logistics

Copper Logistics will transition to the Radiant brand and operate from the Radiant location near the Minneapolis/St. Paul Airport, according to a statement from the Bellevue, Wash.-based third-party logistics provider.    Radiant Logistics, a third-party logistics and multimodal transportation services company based in Bellevue, Wash., has acquired the operations of Copper Logistics, according to a statement from the company.
   Based in Minneapolis, Copper is a privately held firm that provides domestic and international transportation and logistics services across North America.
   Radiant said it paid approximately half of the expected purchase price at closing with the balance payable in subsequent periods based on the future performance of the acquired operation, but did not disclose the exact financial terms.
   Copper Logistics will transition to the Radiant brand and operate from the Radiant location near the Minneapolis/St. Paul Airport (MSP).
   Radiant has made several other acquisitions this year.
   In April, it completed its purchase of Wheels Group a non-asset based 3PL based in Canada for approximately $26.9 million in cash and 6.9 million shares of Radiant’s common stock.
   The company acquired Service By Air (SBA), a domestic and international freight forwarder for $12.25 million in June. SBA has company-owned locations in Lawrence, N.Y. near John F. Kennedy International Airport, Carson, California, and San Francisco. SBA also has forty independent agency locations across North America.
   Also in June, Radiant acquired Highways and Skyways, a privately-held company based near Cincinnati that provides domestic and international transportation and logistics services.
   Bohn Crain, the founder and chief executive officer of Radiant said he believes “the Copper 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 strategic markets like MSP where we already have company owned operations that we can leverage in driving both revenue and cost synergies. We currently have company owned operations in 15 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.”
   Radiant raised $38.4 million earlier this year through a public stock offering.
   “With the benefit our of recent equity raise we have very low leverage on our balance sheet at this point, a $65.0 million credit facility that is virtually untapped and we are well positioned to on-board a significant number of new operating partners as we have the opportunity,” said Crain.