Benzinga | Dec 6, 2021 03:35PM EST

Radiant Logistics Acquires Navegate For $35M

* Radiant Logistics Inc (NYSE:RLGT) has acquired Minnesota-based, privately held company Navegate, Inc., for $35 million. Navegate manages international, cross border, and domestic freight from purchase order to final delivery.

* Navegate will operate as a wholly-owned subsidiary of Radiant Logistics, Inc. under the continued leadership of Joe Pelletier and Chad Bickett.

* Navegate generated ~$5.9 million in normalized EBITDA on ~$88 million in revenues for the twelve months ended September 30, 2021.

* Navegate will generate cross-selling opportunities for Radiant and advance the organic account base.

* Radiant Logistics held cash and cash equivalents of $9.48 million as of September 30, 2021.

* "In addition to solidifying our presence in Shanghai, Navegate also strengthens our international services offering, particularly in the areas of customs brokerage, ocean forwarding, and drayage services and brings with it a robust global trade management capability," commented CEO Bohn Crain.

* Price Action: RLGT shares are trading higher by 1.84% at $7.75 on the last check Monday.