Roadrunner Sells Off Its Three Remaining Truckload Businesses, Now 100% LTL
Downers Grove, IL – Roadrunner Transportation Systems, Inc. announced this week its exit from the truckload segment.
In a press release, Roadrunner said three recent sales have completed the company’s divestiture of all truckload segment business and now consists solely of its less-than-load (LTL) truckload operations.
Included in the truckload sell-off was Little Rock, AR-based Rich Logistics to an “undisclosed strategic buyer.”
The terms of the sale was also not disclosed.
Rich was downsized significantly in September 2019 when Roadrunner closed down five of its terminals in Burton, MI; Brownsville, TX; Kansas City, MO; Laredo, TX and St. Louis, MO.
The remaining Rich terminals in Alexandria, IN; Dallas, El Paso and San Antonio, TX; Nashville, TN; and headquarters in Little Rock remained in operation.
At the time, the company said the downsize would eliminate approximately 450 jobs.
Roadrunner acquired Rich in early 2014 for an estimated $48 million.
Also included in Roadrunner’s recent sale was Roadrunner Temperature Controlled to Laurel Oak Capital Partners for an undisclosed amount.
Roadrunner’s Chairman, Chris Jamroz, said the latest sales “completed [the company’s] evolution from a troubled roll-up to a focused, national LTL carrier.”
Other sales the company completed in less than a year included its intermodal division in November 2019 to Michigan-based Universal Logistics Holdings for $51.25 million cash; its flatbed division for a reported $30 million cash in December 2019; the sale of Prime Distribution Services to C.H. Robinson for $225 million cash in January 2020; and its 150-truck dry-van carrier, El Paso, TX-based Stagecoach Cartage and Distribution, LLC., in April 2020.
In each instance, Roadrunner’s Chief Executive Officer, Curt Stoelting cited the company’s “simplifying” strategy.