FW: Roadrunner sells off remaining truckload units; adds former Celadon head to board

FREIGHTWAVES reports:

Roadrunner Transportation Systems Inc. (OTC: RRTS) announced it has completely exited the truckload (TL) business. The unwinding includes divesting three TL units, including Rich Logistics, which was sold to an “undisclosed strategic buyer” and reefer unit, Roadrunner Temperature Controlled, which was purchased by Laurel Oak Capital Partners.

The Downer’s Grove, Illinois-based company’s Monday press release follows several actions recently undertaken to stem financial losses and refocus efforts to provide national less-than-truckload (LTL) service.

Former Celadon CEO and current head of STG Logistics Paul Svindland has joined the Roadrunner board. Svindland was brought on at Celadon in the aftermath of accounting and securities fraud at the company, which was a catalyst for its eventual bankruptcy filing at the end of 2019.

“With the actions announced today, we have completed our evolution from a troubled roll-up to a focused, national LTL carrier. We are eternally grateful to our team for the long hours and hard work through the prolonged period of transition,” said Roadrunner Executive Chairman Chris Jamroz.

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The full press release can be found here.