Radiant Logistics completed its acquisition of privately held Distribution By Air, in a $12 million deal that continues a consolidation trend for mid-sized U.S. freight forwarders.
Radiant, of Bellevue, Wash., paid $5.4 million at closing for New Jersey-based DBA. The purchase includes $4.8 million in seller notes payable over the next three years and $1.8 million to be paid as some "integration milestones" are reached. Within three months, Radiant could choose to issue common stock to cover up to $2.4 million of the seller notes.
Bohn Crain, Radiant's chairman and CEO, said the "smooth closing" came soon after the March 29 deal was announced.