Radiant Logistics announced it has acquired strategic operating partner Daleray Corp.
Fort Lauderdale, Florida-based Daleray is a domestic and international freight forwarder, primarily focused on serving cruise lines. It has been operating under Radiant’s Distribution By Air banner since 2014.
Financial terms of the transaction were not disclosed, but Radiant (NYSE: RLGT) said part of the purchase price will be based on Daleray’s future performance.
Daleray founder Dale Kloss will remain with the operation as director of cruise logistics. Co-founder Ray Fulford will retire.
“We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition and the built-in exit strategy,” said Bohn Crain, Radiant’s founder and CEO. “It is satisfying to be able to support Ray in his well-deserved retirement while at the same time continuing forward to an exciting next chapter with Dale and the team in Florida as we continue to develop and deliver advanced supply chain solutions for their cruise line and other customers.”
The Renton, Washington-based 3PL generated $98 million in cash flow from operations for the fiscal year ended June 30. On a call with analysts and investors last month, Crain said Radiant would look to leverage its clean balance sheet to convert agent stations like Daleray into company-owned operations as well as to pursue tuck-in acquisitions.
A year ago, it executed a similar transaction, acquiring logistics partner Cascade Enterprises of Minnesota.
“Through years of dedicated services, our entire team here in Florida has developed some very strong relationships with our customers, vendors and associates around the globe,” Kloss said. “Back in 2014 Ray and I were looking to align ourselves with a partner who shared our passion for the business. We found that and so much more with Radiant.”
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