RRTS - Roadrunner Freight raises $50M in private placement; announces board additions

Roadrunner Freight (RRTS) closed a $50M equity private placement led by Andrew Leto, founder of GlobalTranz and Emerge, who invested $10M and is joining the company board as independent directors.Net proceeds are expected to be used for investment in the development of technology underpinning operations, specifically around planning, pricing and efficiency, and to recruit and retain top talent; also plans to continue investing in service improvements.Kevin Shuba, recently departed CEO of OmniTRAX, also joined Roadrunner board as an independent director.Dave Ross, former Managing Director and Group Head of Stifel's Global Transportation and Logistics Equity Research practice, has been named Partner and EVP for Roadrunner.The company operated January and February with record level on-time delivery rates and the lowest exceptions in company history; with continued service improvements, Roadrunner will be launching a guaranteed service offering in select lanes by the end of spring 2021.

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Roadrunner Freight raises $50M in private placement; announces board additions