A private equity vehicle co-led by Ted Kellner and Chris Jamroz, Prospero Staff Capital, has acquired a majority ownership interest in Roadrunner (CCJ Top 250, No. 106) from affiliates controlled by Elliott Investment Management. Financial terms were not disclosed.
Ted Kellner, founder and partner of Fiduciary Management Inc. with more than $17 billion in assets under management, and currently CEO of T&M Partners and Chairman of Fiduciary Real Estate Development, is a long-term investor in Roadrunner. Chris Jamroz is the Executive Chairman of the Board and CEO at Roadrunner. Prospero Staff Capital is part of LyonIX Holdings, Jamroz's investment company with holdings in transportation and logistics, real estate, infrastructure, and cybersecurity.
"I'm thrilled about this new chapter for Roadrunner and to partner with Chris and his team to execute the next exciting developments there," said Kellner. "From its roots in my home state of Wisconsin, Roadrunner has grown into the largest direct metro-to-metro LTL carrier, and I'm looking forward to growing our roster of direct corporate shippers and new investment in the business, as we continue driving Roadrunner's success."
Jamroz said after comprehensively unwinding prior management's roll-up strategy and building a pure-play LTL network, completely overhauling its operations, the Downers Grove-based carrier is achieving industry-leading service levels and has recently soared in customer satisfaction ratings.
Roadrunner was recognized as a CCJ Innovator in 2022 for overhauling its operations with new leadership, a new network and new technologies to improve transit times and its reputation as a carrier lacking quality service and driver satisfaction.
"Today marks the beginning of our growth phase, driven by new capital, strategic investments, and acquisitions," Jamroz said. "We're committed to organic expansion, as well as pursuing focused and opportunistic M&A to strengthen our market position."
This year, Roadrunner expanded its LTL service to Vancouver, Calgary, Edmonton and the surrounding areas of Canada – an expansion of the company's launch of LTL service into Toronto and Montreal earlier this year, and one that added 135 new lanes. The new LTL service into Western Canada is available for all origin locations that ship freight to Seattle.
