EVO Transportation & Energy Services, Inc. acquired all of the issued and outstanding equity interests in Ritter Transportation Systems, Inc. and Ritter Transport, Inc. from Michael Ritter and Matthew Ritter for $13.7 million.
September 19, 2019
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EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) acquired all of the issued and outstanding equity interests in Ritter Transportation Systems, Inc. and Ritter Transport, Inc. from Michael Ritter and Matthew Ritter for $13.7 million on September 16, 2019. The purchase price is to be paid in cash is subject to a customary working capital adjustment. Michael Ritter receives $0.17 million for Ritter Transportation Systems, Inc. and $6.7 million for Ritter Transport, Inc. Similarly, Matthew Ritter receives $0.17 million for Ritter Transportation Systems, Inc. and $6.7 million for Ritter Transport, Inc. respectively. In related transactions, EVO Transportation & Energy Services, Inc., entered into a stock exchange agreement to acquire John W. Ritter, Inc. and a membership interest purchase agreement to acquire Johmar Leasing Company, LLC. The acquisition was funded through concurrent closing of a $24.5 million credit facility with Antara Capital LP and its affiliates. Upon completion, Ritter Transportation Systems, Inc. and Ritter Transport, Inc. will operate as a wholly owned subsidiary of EVO Transportation & Energy Services, Inc.
The transaction is subjected to third part approval, execution of employment agreement and written resignations of the officers and members of the board of directors of Ritter Transportation Systems, Inc. and Ritter Transport, Inc. Michael Mercurio and Brent Salmons of Offit Kurman, Attorneys At Law acted as legal advisers to Michael Ritter and Matthew Ritter. Frank B. Bennett and Patrick Seul of Fredrikson & Byron P.A. acted as legal advisers to EVO Transportation & Energy Services, Inc. Craig-Hallum Capital Group LLC acted as financial advisor to EVO Transportation & Energy Services, Inc.
EVO Transportation & Energy Services, Inc. (OTCPK:EVOA) completed the acquisition of Ritter Transportation Systems, Inc. and Ritter Transport, Inc. from Michael Ritter and Matthew Ritter on September 16, 2019.
EVO Transportation & Energy Services, Inc. is a United States-based trucking company. The Company is a truckload carrier serving the United States Postal Service (USPS) and other customers. The Company provides surface transportation services to the USPS and other customers with a diversified fleet of tractors, straight trucks and other vehicles that operates on either diesel fuel, gasoline, or compressed natural gas (CNG). Its product and service include mail transportation, and freight and brokerage services. In connection with providing mail transportation and delivery services to the USPS and freight services to other corporate customers, the Company outsources the transportation of certain loads to third-party carriers. The Company operates from its headquarters in Phoenix, Arizona and from over nine terminals located throughout the United States.
EVO Transportation & Energy Services, Inc. acquired all of the issued and outstanding equity interests in Ritter Transportation Systems, Inc. and Ritter Transport, Inc. from Michael Ritter and Matthew Ritter for $13.7 million.