Roadrunner Freight closed a $50 million equity private placement led by Andrew Leto, founder of GlobalTranz and Emerge, and other participants including affiliates of Elliott Investment Management, Fox Hill Capital, Memento S.A., Solas Capital, existing management and several individuals from the transportation and logistics sector, including Kevin Shuba.
Roadrunner anticipates using the net proceeds for investment in the development of technology underpinning operations, specifically around planning, pricing and efficiency; to recruit and retain top talent; and to invest in service improvements.
From PR Newswire:
- Roadrunner will be launching a guaranteed service offering in select lanes by the end of spring 2021.
- Andrew Leto, CEO of Emerge, and Kevin Shuba, recently departed CEO of OmniTRAX, joined Roadrunner’s Board of Directors as Independent Directors.