Radiant Logistics Acquires Navegate For $35M

Radiant Logistics Inc 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.