Radiant Logistics Announces Two Acquisitions, Boosts Fiscal 2016 Guidance
Radiant Logistics has acquired a pair of transportation firms, New York-based Service By Air Inc. and Kentucky-based Highways and Skyways Inc.
The third-party-logistics provider said it purchased Service By Air for about $12 million but did not disclose financial details for the Highways and Skyways acquisition.
Both acquired firms provide domestic and international transportation and logistics services to customers in a variety of industries, said Radiant, which is based in Bellevue, Washington.
Service By Air, which will operate as a subsidiary of Radiant, generated about $130.7 million in revenues for the 12 months ended Aug. 31, 2014, the buyer said.
Highways and Skyways, located near the Cincinnati airport, operated as an independent agency for Service By Air prior to the acquisition.
After the acquisitions, Radiant boosted its guidance for its fiscal year ending June 30, 2016. The company projects adjusted earnings before interest, tax, depreciation and amortization of $30 million to $35 million on revenues of $900 million to $960 million. Radiant’s previous guidance for the year was $27.3 million to $31.3 million adjusted EBITDA on $775 million to $825 million in revenue.
