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RENTON, Wash. - Radiant Logistics, Inc. (NYSE American: RLGT), a key provider of global transportation and logistics solutions with annual revenues of $858.7 million, has completed the acquisition of Philadelphia-based USA Logistics Services, Inc. and USA Carrier Services, LLC, enhancing its operations in the Mid-Atlantic region. According to InvestingPro data, the company maintains a healthy current ratio of 1.41 and operates with a moderate debt level. The transaction, announced today, follows the structure of previous acquisitions by Radiant, with a portion of the purchase price contingent on the future performance of the acquired entities.
USA Logistics, founded in 1999 by Michael Boyce and Michael Boyce Jr., has been part of Radiant’s Service By Air brand since 2014. The company is known for its specialized services in medical equipment transport, heavyweight time-sensitive air freight, and oversized cargo. With an EBITDA of $35.54 million in the last twelve months, Radiant has demonstrated strong operational efficiency. For detailed analysis and additional insights, check out the comprehensive Pro Research Report available on InvestingPro. Post-acquisition, USA Logistics is expected to transition to the Radiant brand and consolidate with Radiant’s existing Philadelphia operations, maintaining a strong cartage operation across the Mid-Atlantic.
Michael Boyce, who will take on the role of General Manager for the combined organization, expressed enthusiasm for the acquisition, noting the strengthened capabilities and support for customer and employee success. Bohn Crain, Founder and CEO of Radiant, highlighted the transaction as a significant step in Radiant’s growth and its strategy of partnering with logistics entrepreneurs.
Radiant Logistics, founded in 2006, offers a wide range of logistics services, including domestic and international freight forwarding, truck and rail brokerage, and value-added logistics services like warehousing, customs brokerage, and inventory management. The company serves a diverse customer base across North America and other global markets.
This acquisition is part of Radiant’s ongoing expansion and is expected to bolster its presence and service offerings in the Mid-Atlantic region. The financial terms of the deal have not been disclosed. Analysts maintain a Strong Buy consensus on the stock, with price targets ranging from $9 to $10. InvestingPro subscribers can access additional insights, including more than 10 exclusive ProTips and detailed valuation metrics for RLGT.
This news is based on a press release statement from Radiant Logistics, Inc.
In other recent news, Radiant Logistics reported a significant surge in net income for Q2 FY2024, increasing by 556.5% year-over-year to $6.47 million. The company achieved earnings per share of $0.14 on revenues of $264.5 million, surpassing analysts’ expectations of $0.0721 per share. Additionally, Radiant Logistics announced the acquisition of Transcon Shipping Co., a California-based freight forwarding company, to enhance its international capabilities. The acquisition is expected to integrate Transcon’s operations under the Radiant name by 2025. In line with its strategic goals, Radiant Logistics also completed several acquisitions, including Texas-based Foundation Logistics and TCV Transportation in Missouri. Analysts from firms like TD Cowen and Lake Street noted that Radiant’s strategic acquisitions and strong earnings performance have positioned it well against industry challenges. Despite anticipating market softness into early 2025, CEO Vaughn Crane expressed confidence in the company’s strategic direction and potential for margin expansion.
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