Roadrunner Transportation Systems, Cudahy, Wis., has acquired all of the outstanding stock of Morgan Southern Inc. for approximately $20 million in cash.
Morgan Southern is a privately held provider of intermodal transportation and related services. With 19 terminals located throughout the United States, Morgan Southern serves the majority of the country’s key intermodal markets. Its customer base consists primarily of direct shippers, intermodal marketing companies, steamship lines and other port and rail related transportation industries. The acquisition was financed with borrowings under RRTS’ existing credit facility.
“The Morgan Southern transaction is an excellent fit with our growth strategy,” explained Mark DiBlasi, President and CEO of RRTS. “It provides us with a new service offering within our truckload segment and further expands our geographic profile. RRTS’ sales force will serve as an extension of Morgan Southern’s sales efforts to market its intermodal services to new and existing RRTS customers. With growth in international trade and continued improvements in rail efficiency, we believe favorable trends will continue in the intermodal sector for the foreseeable future.”
Morgan Southern will continue to operate in its current capacity under the leadership of Ben Kirkland, its head of operations since 1996.
During calendar year 2010, Morgan Southern generated approximately $57 million in revenues and approximately $4 million of earnings before interest, taxes, depreciation, and amortization.
RRTS is a non-asset based transportation and logistics services provider offering a full suite of solutions, including customized and expedited less-than-truckload, truckload, transportation management solutions and intermodal solutions, and domestic and international air.
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