Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-right transportation and asset-light logistics service provider, today announced the sale of its Roadrunner Intermodal Services business to Universal Logistics Holdings, Inc. (NASDAQ: ULH), based in Warren, Michigan, for $51.25 million in cash, subject to customary purchase price and working capital adjustments.

Roadrunner Intermodal Services provides drayage and chassis management services to transport freight between ocean ports, rail ramps and shipping docks through 23 strategically located terminals nationwide. The business had revenue of approximately $125 million for the trailing 12 months ended September 30, 2019 and was part of the company’s Truckload segment.

“The divestiture of Roadrunner Intermodal Services is another step forward in our strategy to simplify our portfolio by focusing on our value-added logistics and asset-light LTL segments to improve our operating performance and returns on invested capital. Universal Logistics is an established transportation and logistics company that shares our dedication to customer service and is a good fit for the intermodal services business,” said Curt Stoelting, Chief Executive Officer of Roadrunner.

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