Radiant Logistics announced Monday it has acquired ocean and air freight forwarder Transcon Shipping.
El Segundo, California-based Transcon Shipping specializes in full and less-than-container-load ocean shipments on the trans-Pacific trade lane with air and ground options out of major gateways like Los Angeles, New York and Chicago. Its international agent network primarily serves the furniture, recreational automotive and consumer end markets.
Terms of the transaction were not disclosed but Renton, Washington-based 3PL Radiant (NYSE: RLGT) said a portion of the purchase price will be tied to Transcon’s future performance.
Transcon generated $75 million in revenue during 2024, with earnings before interest, taxes, depreciation and amortization of $4 million. Radiant generated $35.8 million in adjusted EBITDA over the past year with a high-water mark north of $80 million annually prior to the freight recession.
“In addition to solidifying our international capabilities in the key gateway markets of Los Angeles, New York and Chicago, we expect this transaction will create an interesting fly-wheel effect as we introduce Trancon’s customer base to our larger suite of services, including our inland transportation capabilities and Navegate, our global trade management platform,” said Radiant founder and CEO Bohn Crain in a news release.
Transcon will fold into the Radiant brand throughout 2025. Transcon President Terry Lynch will become vice president of global network development at Radiant.
“I am excited for the opportunity to leverage our own strengths along with the capabilities of the larger Radiant network to bring additional value to our customers, while introducing the Radiant organization to our robust international agent network,” Lynch said.
Radiant closed its fiscal second quarter ended Dec. 31. with approximately $20 million in cash, little debt and no outstanding balance on a $200 million credit facility. The company has completed eight acquisitions in less than 18 months.
More FreightWaves articles by Todd Maiden:
Yellow settles WARN claims from nonunion employees for $12.3M
Teamsters’ WARN claims against Yellow fall short in federal bankruptcy court
Forward Air gains needed breathing room, awaits demand recovery
The post Radiant Logistics acquires California-based forwarder appeared first on FreightWaves.
