BELLEVUE, Wash., Dec. 1, 2011 /PRNewswire/ -- Radiant Logistics, Inc. (OTC QB: RLGT), a domestic and international logistics services company, today announced it has completed its acquisition of the assets of Laredo-based Isla International Ltd., a privately-held company that provides a full range of cross-border transportation and logistics services between the United States and Mexico.
The transaction was originally announced on November 15, 2011, and is valued at up to $15.0 consisting of: cash of $7.7 million paid at closing, $1.3 million in company stock payable on the three-month anniversary of the closing and an additional $6.0 million payable over the next four years in a combination of cash and Company common stock based on the future performance of the acquired operation. The Company may, at its sole option, elect to satisfy up to 25 percent of each of the performance-based payments through the issuance of the Company's common stock and valued based upon a 30-day volume weighted average price to be calculated preceding the delivery of the shares. In connection with the transaction, the company also concluded its previously announced financing with Caltius Mezzanine who provided $10.0 million in subordinated debt in support of the transaction.
"We are happy to have been able to move so quickly to a smooth closing," said Radiant's Chairman and CEO, Bohn Crain. "We look forward to working with Jonathan Fuller, Alfonso Serna and the entire Isla team. Jonathan and his team are the experts when it comes to cross-border transportation solutions with Mexico and we are excited for the opportunity to bring these capabilities forward for the benefit of our 100+ locations across North America and the end customers that we serve."Crain continued: "We are equally excited to have completed our financing with Caltius Mezzanine. We see even more opportunity on the horizon to deliver further revenue and earnings growth through a combination of organic and acquisitive-growth initiatives and believe Caltius Mezzanine represents a great partner and resource for growth capital as we continue to build out the Radiant Network."