Domestic and international logistics services company Radiant Logistics announced it has completed the acquisition of the assets of its operating partner Marvir Logistics, a privately held Los Angeles-based company that has operated under Radiant Logistics' Airgroup brand since 2006. Similar to its previous acquisitions, Radiant structured the transaction with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operation.
On a post-closing basis, Marvir will continue its operations under the Airgroup brand for the remainder of 2012, and it is expected that Marvir will transition to the Radiant brand early next year as it is combined with existing company-owned operations in Los Angeles. The combination is additionally expected to provide meaningful cost synergies relating to the elimination of redundant facilities.
Continuing his role as regional director, Michael St. Julien will take the helm of operations for the newly combined organization, which is anticipated to generate around $15 million in annual revenue. Continuing in a leadership role as vice president of sales, Walter Benvenuto will manage the newly combined organization's sales team. After 40 years of service in the transportation industry, Tom Bowling will transition into retirement.
When Marvir aligned with Radiant in September 2006, the entrepreneurs behind the company found a partner that provided an environment allowing them to build their business, share in the value creation opportunity as shareholders, and transition their business in a way that met their own personal goals and took into consideration the interests of their customers and employees. Marvir was the first new station to join the Radiant family, and from the beginning they participated as shareholders and as one of the larger operating partners in the Radiant network.
Radiant's founders launched the company in January 2006. Their aim was to bring value to logistics entrepreneurs, like the founders of Marvir, who could benefit from Radiant's unique value proposition with the immediate opportunity to become shareholders and share in the value they were helping to create, as well as the longer-term opportunity of utilizing the built-in exit strategy available to entrepreneurs participating in the Radiant network.
The Marvir transaction is indicative of the broader opportunity available to Radiant in the marketplace and the probability that more entrepreneurs - both internal and external to Radiant's existing network - will look to join the company's ranks. Radiant's value proposition continues to gain traction within the forwarding community, and the company remains confident that its growth strategy will continue bringing value to its operating partners, shareholders and end customers.
Radiant Logistics is a non-asset-based transportation and logistics company providing domestic and international freight forwarding and fulfillment services through a network of company-owned and exclusive agent offices throughout North America. Radiant operates under the Radiant, Airgroup, Adcom, and DBA brands, servicing a varied account base that includes manufacturers, distributors, and retailers through its network of independent carriers and international agents strategically positioned across the globe.
For more information, visit the company's website at RadiantDelivers.com
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