Roadrunner Transportation Systems Inc. is continuing its string of selling off business units as it strives to rebuild profits as a lean less than truckload (LTL) carrier after an accounting scandal, announcing Wednesday that it had sold one of its dry van divisions to a New Mexico third party logistics provider (3PL).
Downers Grove, Illinois-based Roadrunner sold the unit, Stagecoach Cartage and Distribution LLC, to J.H. Rose Logistics LLC of Santa Teresa, New Mexico. Terms of the transaction were not disclosed.
Stagecoach, based in El Paso, Texas, provides dry van over-the-road and local cartage as well as warehousing services to a broad range of customers in the bulk resin and general freight markets, Roadrunner said. The business was part of the company’s truckload segment, and marks the latest effort to downsize by Roadrunner, which calls itself an “asset-right transportation and asset-light logistics service provider.”
In January, Roadrunner sold its Prime Distribution Services business to C.H. Robinson Worldwide Inc. for $225 million, and in 2019 the company sold its intermodal business unit to competitor Universal Logistics Holdings Inc. for $51.25 million.
“The divestiture of our Stagecoach business unit is another step forward in our strategy to simplify our portfolio by focusing on our value-added logistics and asset-light LTL segments,” roadrunner CEO Curt Stoelting said in a release.