Continuing an aggressive plan to grow by acquisitions, third-party logistics provider Radiant Logistics Inc. has purchased Copper Logistics Inc., a Minneapolis, Minn., transportation and logistics services firm.
Radiant, based in Bellevue, Wash., said it plans to transition Copper Logistics to its Radiant brand and operate the unit as part of a Midwest gateway facility near the Minneapolis/St. Paul airport.
The move is part of Radiant's strategy to build a global transportation and supply chain management company by acquiring "regional, best-of-breed, non-asset based, transportation and logistics providers," according to the company's website.
This acquisition is the latest in a string of mergers over the past year, and Radiant is still in the marketplace for additional buys, Radiant CEO and Founder Bohn Crain said in a statement.
"We currently have company-owned operations in 15 markets across North America, and each of these locations represents a platform from which we can continue to attract like-minded logistics entrepreneurs who see value in our platform," Crain said. "With the benefit our of recent equity raise, we have very low leverage on our balance sheet at this point, a $65-million credit facility that is virtually untapped, and we are well positioned to on-board a significant number of new operating partners as we have the opportunity."
In June, Radiant purchased Kentucky-based Highways and Skyways Inc., which provides domestic and international transportation and logistics services from its base near Cincinnati airport. That month, Radiant bought New York-based Service By Air Inc., a domestic and international transportation- and logistics-services provider with locations near airports in New York, Los Angeles, and San Francisco.
In April, the company acquired Wheels Group Inc., a Toronto-based 3PL provider with intermodal- and truck-brokerage services in the U.S. and Canada.
By combining these smaller firms, Radiant plans to offer its clients a suite of services including domestic and international freight forwarding and an expanding array of value-added supply chain management services, including asset recovery and reverse logistics, order fulfillment, inventory management, and warehousing, according to the company's website.