Roadrunner Transportation Services Holdings Inc. said it bought less-than-truckload carrier Bullet Freight Systems Inc. on Dec. 14 to expand its services in the western United States.
The terms were not disclosed, but Roadrunner, Cudahy, Wis., said the sale includes “substantially all of the operating assets and business” of Bullet, which also has truckload, in-termodal and air freight offerings under the Caliber Logistics Division brand name.
Roadrunner ranks No. 49 on the Transport Topics 100 list of the largest U.S. and Canadian for-hire carriers. Its largest service offering is LTL freight, but the company also has brokerage and truckload units.
“We have successfully doubled our company’s size in the past four years despite the economic downturn,” said Roadrunner CEO Mark DiBlasi. “This is a critical step in our vision to provide our customers with a comprehensive suite of value-added services, while consistently attaining long-term profitable growth.”
Bullet, Anaheim, Calif., was founded in 1986 and operates LTL terminals in Los Angeles, Chicago, Seattle and Portland, Ore. According to its Web site, the company’s annual revenue now tops $80 million.
Roadrunner’s revenue in 2008 was $537.4 million, up from $251 million three years earlier. Roadrunner has 18 service centers and uses a network of agents to secure business.
Both Roadrunner and Bullet em-phasize direct loading of freight from origin to destination and avoid break-bulk facilities that are typical of other LTL operations.
LTL services will continue under the Bullet Transportation Services Inc. brand name, a Roadrunner statement said.
The acquisition was paid for through what Roadrunner said was “an equity-based security,” instead of issuing debt.
