UPDATE: FreightWaves has learned that R&R Family of Companies is engaged in acquisition discussions. According to a source familiar with the talks, “R&R Family of Companies is being pursued by a buyer with scale and capability.”
Updated Jan. 13, 2:30 pm ET
Pittsburgh-based R&R Family of Companies is facing growing scrutiny after multiple industry sources raised concerns about payment issues and lender support, while the company failed to respond to repeated requests for comment on Monday.
The uncertainty follows the termination of a top executive at an R&R subsidiary and reports from carriers and restructuring professionals that some business units may be facing operational disruption.
R&R employs more than 500 truck drivers, brokers, mechanics and office staff across Pennsylvania, Tennessee, Texas and North Carolina.
While no bankruptcy filing has been confirmed, multiple recent industry discussions have described tightened credit terms and signs of operational disruption across affiliated entities owned by R&R Family of Companies, including R&R Express, RFX LLC, Taylor Express, Giant Energy Solutions, Paradigm Transportation and GT Worldwide Logistics, which provide brokerage and transportation services.
On Sunday, RFX CEO Nate Lourie shared a social media post stating that his role at the R&R-owned business had been terminated.
Over the past several months, the company has faced increased concern from carriers, owner-operators and credit providers amid reports of slow or missing payments.
Officials for R&R Family of Companies did not respond to multiple requests for comment placed by FreightWaves on Monday, including calls to the company’s Pittsburgh headquarters and emails sent to company representatives.
Its family of companies includes:
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Pittsburgh-based Giant Energy Solutions.
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Pittsburgh-based GT Worldwide.
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Pittsburgh-based Paradigm brokerage.
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Pittsburgh-based R&R Power Only.
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Pittsburgh-based R&R Express.
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Pittsburgh-based R&R Global.
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Houston-based RFX refrigerated freight logistics and brokerage provider.
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Hope Mills, North Carolina-based Taylor Express.
This is a developing story that FreightWaves will continue to cover.
The post UPDATE: R&R Family of Cos. faces uncertainty amid exec departure, payment concerns appeared first on FreightWaves.
