Radiant Logistics Acquires Navegate, Inc.
Radiant Logistics (NYSE: RLGT) has announced the acquisition of Navegate, a Minnesota-based logistics firm, for $35 million. Navegate, known for its advanced digital platform, generated about $5.9 million in normalized EBITDA on $88 million in revenue for the year ending September 30, 2021. This acquisition aims to enhance Radiant's international logistics capabilities, including customs brokerage and freight forwarding, and is expected to create cross-selling opportunities by integrating Navegate's services across Radiant's over 100 operational locations.
- Acquisition strengthens Radiant's international service offerings, particularly in customs brokerage and ocean forwarding.
- Expected cross-selling opportunities through integration with Radiant's extensive operational network.
- Navegate's robust digital platform enhances Radiant's technological capabilities in supply chain management.
- None.
RENTON, Wash., Dec. 6, 2021 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE MKT: RLGT), a third-party logistics and multi-modal transportation services company, today announced it has acquired Navegate, Inc. ("Navegate" or the "Company"), a Minnesota based, privately held company that combines its robust digital platform and team's expertise to manage international, cross border, and domestic freight from purchase order to final delivery. The transaction is valued at
Founded in 1969, Navegate is headquartered in Mendota Heights, Minnesota (Twin Cities) with offices in Addison, Illinois (Chicago) and Shanghai, China. Navegate's team of international and domestic logistics experts deliver world-class, tech-enabled logistics services, including customs brokerage, international ocean and air freight forwarding, domestic truck brokerage, drayage and transload services. These services are delivered through the Company's proprietary global trade management software platform that includes advanced purchase order and vendor management tools and has been recognized by Inbound Logistics' "Top 100 List of Information Technology Providers" over the past several years.
Based on historic financial statements provided by its management, Navegate generated approximately
"We are very excited to have the opportunity to join forces with Navegate," said Bohn Crain, Radiant CEO and Founder. "We have been patiently looking for the right next transaction to complement the Radiant network and we found it in Navegate. In addition to solidifying our presence in Shanghai, Navegate also strengthens our international services offering, particularly in the areas of customs brokerage, ocean forwarding and drayage services and brings with it a robust global trade management capability. These new global trade management capabilities will be made available to the entire Radiant network to provide our customers with purchase order and vendor management tools that unlock SKU-level visibility from the manufacturing floor in Asia through final delivery here in the U.S. With both the enhanced service offerings and propriety global trade management technology, we believe we will further differentiate ourselves in the marketplace and be even better positioned to provide additional support for both current and prospective customers in this capacity constrained market."
"We are excited to be joining Radiant," said Nathan Dey, Chief Executive Officer of Navegate. "We were looking for a long-term partner with that same passion for servicing the customer and a shared vision to further advance our business and provide an opportunity for growth for our employees. We are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers, while introducing the Radiant network to our purchase order and vendor management capabilities."
About Navegate
Navegate, Inc. is a technology-enabled supply chain management and third-party logistics services company that combines a robust digital platform and decades of expertise to manage international, cross border, and domestic freight from purchase order to final delivery. Navegate's combination of tech-enabled services, customs brokerage expertise, and a full complement of international and domestic services significantly reduces costs and leads to better compliance and risk mitigation for its customers.
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a comprehensive North American provider of third-party logistics and multimodal transportation services. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events, including the performance of our recently-acquired Navegate business at levels that are consistent with its recent unaudited results. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ from our expectations, include but are not limited to, the performance of our historic business at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of our recent acquisitions; our ability to successfully integrate our recently acquired Navegate business; and those risk factors that apply to our operations as disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2021 and other filings with the Securities and Exchange Commission and other public documents and press releases which can be found on our web-site (www.radiantdelivers.com). Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.
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SOURCE Radiant Logistics, Inc.
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