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Final-mile forwarder Riverstone Logistics acquires Ralph’s Transfer

Deal grows service map in Florida

RLX expands its footprint through M&A. (Photo: Jim Allen/FreightWaves)

Final-mile service provider Riverstone Logistics (RLX) announced Monday it has acquired Ralph’s Transfer Co. Inc.

Based in Tampa, Florida, Ralph’s Transfer provides final-mile delivery of appliances and other goods throughout Florida. The company is listed with nine power units, according to Federal Motor Carrier Safety Administration data.

Financial terms of the transaction were not disclosed.

Charlotte, North Carolina-based RLX is a freight forwarder specializing in final-mile delivery of heavy goods through a network of contracted carriers. It has grown its employee count from 50 to 640 over the past two years.

“Our collective industry expertise and mutual commitment to a client-centric model, along with our emphasis on a people-first culture, will make for a seamless transition,” said RLX CEO Charlie Workmon.

The deal was the latest initiative RLX has undertaken in the past year to grow its final- and middle-mile offerings.

“Selling Ralph’s Transfer, a company that my late father, Ralph Benfield, started in 1965, was never going to be easy,” said Robert Benfield, Ralph Transfer’s president and CEO. “After getting to know Riverstone and understanding their Company Beliefs and dedication to their customers and employees, I am confident that it was the right decision to make and a decision that my father would have approved.”

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.