RADIANT LOGISTICS ACQUIRES STRATEGIC OPERATING PARTNER CASCADE ENTERPRISES OF MINNESOTA, INC.
Radiant Logistics (NYSEMKT: RLGT) announced the acquisition of Cascade Enterprises of Minnesota, enhancing its technology-enabled logistics operations. Operating under the Airgroup brand since 2007, Cascade will transition to the Radiant brand in early 2023. This acquisition follows Radiant's earlier purchase of Navegate, enabling better global trade management. Tom Heinsen, Cascade's CEO, will remain with Radiant as Vice President. The acquisition signals continued growth opportunities for Radiant, as stated by CEO Bohn Crain, emphasizing value creation for partners and shareholders.
- Acquisition of Cascade Enterprises enhances Radiant's logistics capabilities.
- Post-acquisition integration with Navegate technology expected to improve service efficiency.
- Transition to Radiant brand planned, strengthening market presence.
- None.
RENTON, Wash., Oct. 5, 2022 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a leading provider of technology-enabled global transportation and value added logistics solutions, today announced it has acquired the operations of Cascade Enterprises of Minnesota, Inc. ("Cascade"), a Minneapolis, Minnesota based, privately held company that has operated under the Company's Airgroup brand since 2007. The Company structured the transaction similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations.
On a post-closing basis, Cascade will continue to operate under the Airgroup brand through the remainder of 2022 and is expected to transition to the Radiant brand in early 2023 as Cascade is combined with existing Company owned operations in the Minneapolis area.
Tom Heinsen, Founder and CEO of Cascade commented, "Back in 2007 we were looking to align ourselves with a partner who shared our passion for the business. In Radiant we found that and so much more. As both an early partner and shareholder, it has been exciting to be a part of the building momentum of the Radiant network. Radiant has consistently provided an environment that allowed us to build our business and share in the value creation opportunity as a shareholder. They continue to do this as we transition our business while ensuring the continued success of our customers and employees."
"With the benefit of Radiant's recent acquisition of Navegate in December 2021, we are particularly excited to work with Joe Pelletier and his team to take the Navegate technology to our customers. Through the Navegate platform we now have access to a very robust global trade management solution that will provide purchase order and vendor management tools that unlocks SKU-level visibility from the manufacturing floor in Asia through final delivery here in the U.S. We believe this will allow us to further differentiate ourselves in the marketplace and provide additional support for both current and prospective customers." Mr. Heinsen will continue with Radiant as Vice President, Strategic Accounts.
"The Cascade transaction and our long-standing partnership with Tom and his team are significant to the continued evolution of Radiant," remarked Radiant's Founder and CEO, Bohn Crain. "We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition. It is satisfying to know that Tom has shared in the value that he has helped to create and is now able to take advantage of the built-in exit strategy available to the entrepreneurs participating in our network. It was March of 2007 when we welcomed Tom to the Radiant network. From the beginning Tom has participated as a shareholder and as one of the larger operating partners in our network. We are very proud to be able to support Tom and his team in this transaction and help them reach their own individual goals."
Crain continued: "We believe that the Cascade transaction is also indicative of the broader opportunity available to us in the marketplace and that there will be more entrepreneurs, both internal and external to our existing network, that will look to join our ranks. This remains a very exciting time in the evolution of Radiant and we remain confident that our growth strategy will continue to bring value to our operating partners, our shareholders and to the end customers that we serve."
About Navegate
Navegate's robust digital platform offers a unique combination of tech-enabled services, customs brokerage expertise, and a full complement of international and domestic services to help customers significantly reduces costs and better manage their compliance and risk mitigation strategies. In 2021 Navegate was acquired by Radiant and continues to evolve and offer unparalleled control and visibility over the supply chain process.
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a publicly traded third party logistics company providing technology-enabled global transportation and value added logistics solutions primarily to customers based in the United States and Canada. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding along with truck and rail brokerage services to a diversified account base including manufacturers, distributors and retailers which it supports from an extensive network of Radiant and agent-owned offices throughout North America and other key markets around the world. Radiant's value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.
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.. 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; 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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