Roadrunner Transportation Services acquires Bullet Freight Systems
Washington, D.C., December 2009 — Thayer | Hidden Creek announces that a subsidiary of Roadrunner Transportation Services Holdings, Inc. (“RRTS” or the “Company”), a Thayer Equity Investors V, L.P. portfolio company, acquired substantially all of the operating assets and business of Bullet Freight Systems, Inc. (“Bullet”). Headquartered in Anaheim, CA, Bullet is a non-asset based transportation and logistics provider offering a broad range of services. Bullet offers premium less-than-truckload (“LTL”) service (operating four LTL terminals—Los Angeles, Chicago, Portland, and Seattle) as well as partial and full truckload, intermodal and air freight services through its third-party logistics division called Caliber Logistics (“Caliber”). Behind RRTS, Bullet is one of the larger non-asset based LTL providers in North America.
Bullet represents a highly accretive acquisition for RRTS and enhances the Company’s scale, service capabilities, and market position. The acquisition improves RRTS’ lane density (especially out of the Los Angeles and Pacific Northwest markets) and presents low integration risk—the business models are very similar and RRTS already shares a facility with Bullet’s largest terminal operation in Los Angeles. The acquisition also provides the ability for RRTS’ sales force to cross-sell Bullet’s premium LTL service and Caliber Logistics offering to an expanded and diverse customer base. While RRTS will capitalize on operational synergies, the Company’s primary objective is to ensure maximum customer satisfaction and retention by preserving continuity and by educating customers on the improved and expanded service offering resulting from the transaction. The RRTS management team is enthusiastic about the Company’s opportunities for substantial growth and increased profitability that are further solidified by the acquisition of Bullet.