Radiant Logistics, Inc., a third-party logistics and multimodal transportation services company, announced it has acquired the operations of Sandifer-Valley Transportation and Logistics, Ltd. ("SVT"), a Texas based privately held company that provides a full range of domestic and international cross-border services with Mexico.
The Company paid a portion of the expected purchase price at closing with the balance payable in subsequent periods based on the future performance of the acquired operation. On a post-closing basis, SVT will transition to the Radiant brand and expand the Company's cross-border capabilities with operations in McAllen, Texas.
"We are proud to announce our partnership with Jim Sandifer and his entire team," remarked Radiant's Founder and CEO, Bohn Crain. "We have purposefully positioned ourselves to bring value to logistics entrepreneurs like Jim and believe that the SVT transaction is representative of a broader pipeline of opportunities available to us in the marketplace. With the benefit of our recently expanded US$ 75.0 million credit facility and very low leverage on our balance sheet we are well positioned to on-board a significant number of new operating partners as we have the opportunity."
Jim Sandifer, of SVT commented, "We are thrilled about joining Radiant. Through years of dedicated service, our customers have always remained our top priority whether they were here in U.S. or abroad. 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 and provide an opportunity for growth for our employees. We found that partner in Radiant.”
“Radiant has a real appreciation for the needs for the local owner/entrepreneur and a clear and achievable plan for building a world-class logistics organization. We are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers while enjoying the benefits of participating in an organization that, through its status as a public company, gives our team the opportunity to work as shareholders and participate in the value that we all help create," he added. Mr. Sandifer will continue as Vice President of Sales for Radiant's McAllen location.