ST. LOUIS, March 13, 2023 (GLOBE NEWSWIRE) -- Saint Louis, MO, February 2023 – ButcherJoseph & Co. (“ButcherJoseph”) served as exclusive financial advisor to Rapid Response, Inc. (“Rapid Response” or the “Company”) on its sale to an Employee Stock Ownership Plan (ESOP). Starting in 1982 with one straight truck and one furniture delivery customer, Rapid Response has grown into one of the Midwest’s largest and most successful transportation companies, handling trucking needs nationwide for many large organizations including several Fortune 500 companies. The transaction closed on December 31, 2022.
Since its founding, Rapid Response has grown into a large asset-based transportation provider specializing in full truckloads, less than full truckloads (LTL), local deliveries, home deliveries, and home appliance and furniture services. The Company has a fully staffed logistics division that has access to thousands of carriers with logistics professionals ready to tackle any transportation need.
“Our business is built on long-term relationships and excellent service. I believe the ESOP transaction will only help strengthen our commitment to our customers," stated Rapid Response Founder and Chief Executive Officer, Rick Palo.
The formation of an ESOP makes Rapid Response 100% employee owned, and the Company’s stock is now wholly held by the ESOP for the exclusive benefit of its employees.
ButcherJoseph Managing Director, Alberto del Pilar, commented, “Rapid Response has flourished into a very attractive business based in the St. Louis metropolitan area. Through a leveraged ESOP sale, we provided an ownership and liquidity solution for Rick, as well as an opportunity for Rapid Response employees to participate in the future growth of the Company. It was an honor to work with Rick and the entire Rapid Response team. We look forward to the continued success of the Company.”
About Rapid Response, Inc.
Rapid Response handles nationwide trucking needs for many large organizations including Fortune 500 companies, such as Walmart, Whirlpool, Dollar General, Dr. Pepper, La-Z-Boy, Triad Manufacturing, Ace Hardware, and Hussman, among others. Rapid Response has a dedicated team of experienced logistics professionals who work with clients in all aspects of their transportation needs.
About ButcherJoseph & Co.
ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private debt & capital sourcing and valuation advisory services for middle market companies. Its industry recognized team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis, MO with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville.
Advisors
Levenfeld Pearlstein, LLC served as legal advisor and Wipfli, LLP served as tax and accounting advisor to Rapid Response. Prudent Fiduciary Services, LLC served as ESOP Trustee and Polsinelli PC served as ESOP Trustee legal counsel.
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