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MONTREAL, Nov. 1, 2011 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced it has entered into an agreement to acquire all the shares of Quik X Transportation Inc. and Quik X Transportation (U.S.) Inc. ("Quik X"), a leading provider of transportation and logistics services, mainly in the expedited LTL market segment.
Headquartered in Mississauga, Ontario, Quik X has a network of 17 centers across Canada and the U.S., more than 600 employees and agreements with approximately 325 independent contractors. Founded in 1990, Quik X has a solid reputation in the time sensitive freight transportation market and is highly recognized for providing customers with superior information technology capabilities through its proprietary software. Quik X is an asset-light company with annual revenues of approximately $200 million. The transaction is expected to close near the end of this year.
"Quik X is well known for providing high-quality service through leading-edge technology. It also meets our corporate objective of an asset-light business model, while further enhancing our density in the niche expedited LTL market. More importantly, the transaction will be immediately accretive to TransForce earnings and should provide a solid return on our investment for shareholders, as we remain committed to our disciplined industry consolidation strategy," said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.
Profile
TransForce Inc. is a North American leader in the transportation and
logistics industry. Operating across Canada and the United States,
TransForce creates value for shareholders by identifying strategic
acquisitions and managing a growing network of wholly-owned, operating
subsidiaries. Under the TransForce umbrella, companies benefit from
corporate financial and operational resources to build their businesses
and increase their efficiency. TransForce companies service four
well-defined reportable segments:
- Package and Courier;
- Less-Than-Truckload;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes waste management, energy sector services, logistics and ancillary transportation services.
TransForce Inc. (TFI) is publicly traded on the Toronto Stock Exchange (TSX). For more information, visit http://www.transforcecompany.com.
Forward-Looking Statements
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of TransForce. These statements are
based on suppositions and uncertainties as well as on management's best
possible evaluation of future events. Such factors may include, without
excluding other considerations, fluctuations in quarterly results,
evolution in customer demand for TransForce's products and services,
the impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.