JOC Staff | Dec 06, 2012 8:56AM EST
Roadrunner Transportation Systems hopes to raise $54.9 million that could fuel additional acquisitions.
The less-than-truckload and truckload carrier said Dec. 6 it would offer 3.5 million shares of stock to the public at $17.25 per share.
The $54.9 million is what the Cudahy, Wis.-based company — one of the fastest-growing trucking companies — hopes to net after expenses.
The money would be used to reduce debt, as working capital and for "general corporate purposes," Roadrunner said.
Roadrunner has acquired eight trucking companies in 2012, buying truckload, specialized, LTL and logistics companies.
Most recently, the company purchased A&A Express, a South Dakota-based truckload carrier, for about $24 million plus an earn-out.
Roadrunner increased its net profit 37.6 percent to $9.9 million while boosting revenue 23.4 percent to $279.2 million in the third quarter.
