Strengthens International Capabilities in Strategic Gateway Locations
RENTON, Wash., March 3, 2025 /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 Transcon Shipping Co., Inc. ("Transcon"), a California-based, privately held company that combines decades of excellence in ocean freight forwarding services with a complementary portfolio of air freight and other transportation services from strategic gateway locations in Los Angeles, New York and Chicago. 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.
Founded in 1997, and under the leadership of Terry Lynch, Transcon has developed significant ocean import business from the transpacific including buyer consolidation services, less-than-container-load (LCL), full container loads (FCL) and special projects including over dimensional cargo. Transcon leverages a robust international agent network to service globally recognized customers in attractive industries, including furniture, recreational automotive, food and consumer goods industries.
Based on historic financial statements provided by its management, Transcon generated approximately $4.0 million in normalized EBITDA on approximately $75.0 million in revenues for the calendar year ended December 31, 2024. On a post-closing basis, Transcon is expected to transition to the Radiant brand over the course of 2025 and will combine with existing company owned operations in Los Angeles, New York and Chicago. Terry Lynch will continue to support the Company's international growth initiatives as VP of Global Network Development and will report to Randy Briggs, Radiant's SVP International Services.
Terry Lynch of Transcon commented, "Through years of dedicated service, our customers have always remained our top priority. We were looking for a long-term partner with that same passion for servicing the customer and a shared vision to further advance our business, while also providing an opportunity for growth for our employees. We found that partner in Radiant. I am excited for the opportunity to leverage our own strengths along with the capabilities of the larger Radiant network to bring additional value to our customers, while introducing the Radiant organization to our robust international agent network."
"We are excited to announce our partnership with Terry, Josephine Leung, Michael Husslein, Chris Cervana and the entire Transcon team," remarked Radiant's Founder and CEO, Bohn Crain. "We have been looking for the right next transaction to complement the Radiant network and we found it in Transcon. In addition to solidifying our international capabilities in the key gateway markets of Los Angeles, New York and Chicago, we expect this transaction will create an interesting fly-wheel effect as we introduce Trancon's customer base to our larger suite of services, including our inland transportation capabilities and Navegate, our global trade management platform."
About Radiant Logistics (NYSE: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, 2024 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.