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Radiant Logistics Inc's Radiant Transportation Services, Inc Enters Into Stock Purchase Agreement-Form 8-K

Friday, 4 Oct 2013 03:57pm EDT 

Radiant Logistics Inc reported in its Form 8-K that effective as of October 1, 2013, through a wholly-owned subsidiary, Radiant Transportation Services, Inc. (RTS), the Company entered into a Stock Purchase Agreement (the Agreement) pursuant to which the Company acquired On Time Express, Inc. (OTE), a privately-held corporation based in Phoenix, Arizona, in a transaction valued up to $20.0 million. The transaction consideration consisted of: $7.5 million in cash paid at closing, with $0.5 million held back subject to a working capital true-up 90 days after closing; $0.5 million in the Company common stock payable shortly following closing; $2.0 million in cash payable in four quarterly installments commencing on the 90-day anniversary of the closing; and up to an additional $10.0 million in Tier-1 earn-out amounts payable over the next four years in a combination of cash and the Company common stock based on the future adjusted EBITDA of the acquired operation. In addition, on November 1, 2018, the Company will pay an additional Tier-2 earn-out amount equal to 50% of the amount, if any, by which the cumulative adjusted EBITDA of all of the prior performance periods exceeds a base targeted amount. The transaction was financed through the Company existing line of credit facility with Bank of America, N.A. 

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18 Sep 2014