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updated: 12/9/2019 9:17 AM

Roadrunner sells flatbed business unit

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DOWNERS GROVE -- Roadrunner Transportation Systems said it has sold its flatbed business unit for $30 million in cash.

Roadrunner's flatbed business unit operates as D & E Transport based in Clearwater, Minnesota, and provides flatbed service to a broad range of customers in the industrial, agriculture and general freight markets. The business had revenue of over $50 million for the trailing 12 months ended Sept. 30 and was part of the company's truckload segment.

"The divestiture of the Flatbed business unit is another step forward in our strategy to simplify our portfolio by focusing on our value-added logistics and asset-light LTL segments," said Curt Stoelting, Chief Executive Officer of Roadrunner.

The company used the proceeds from the sale to repay finance leases and debt and pay transaction costs, with the remaining amount available for general corporate purposes.