Roadrunner closes $225M sale of Prime Distribution business

DOWNERS GROVE - Roadrunner Transportation Systems said it has closed on the $225 million cash sale of its Prime Distribution Services business to C.H. Robinson Worldwide, Inc.

"The proceeds from the sale of Prime Distribution Services were used to pay off all borrowings under our ABL and Term Loan Credit facilities," said Curt Stoelting, Chief Executive Officer of Roadrunner. "We believe our stronger balance sheet will position us to invest in our remaining businesses and pursue additional value-creation opportunities. We remain focused on improving operating performance, generating attractive returns on invested capital and building long-term shareholder value,"

The sale of Prime Distribution Services, headquartered in Plainfield, Indiana, was announced in January. The company provides a suite of retail consolidation solutions, with five food grade warehouse facilities strategically located across the nation and a team of retail supply chain experts. The business had revenue of $108.7 million last year and is part of the company's ascent global logistics segment.