Business
TransForce concludes acquisition of Transport America, Inc.
MONTREAL , July 3, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI) (OTCQX: TFIFF), a Nort...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\nMONTREAL, July 3, 2014 /CNW Telbec/ - TransForce Inc. (TSX: TFI) (OTCQX:\n TFIFF), a North American leader in the transportation and logistics\n industry, today announced that a wholly-owned subsidiary of TransForce\n has completed the acquisition of the entire share capital of Transport\n America, Inc. (\"Transport America\"), an important provider of truckload\n (\"TL\") carriage and logistics services. Transport America was a\n portfolio company of Minneapolis-based Goldner Hawn Johnson & Morrison\n Incorporated.\n\n\n\nFounded in 1984 and headquartered in Eagan, Minnesota, Transport America\n provides an integrated offering of dry-van TL transportation services\n across the United States. It offers a wide array of short and long haul\n freight carriage, expedited and dedicated shipping services, as well as\n international and intermodal services through various partners.\n Transport America's network includes 12 terminals located throughout\n the United States and utilizes more than 2,000 staff and independent\n contractors. Through its own fleet and independent contractors,\n Transport America operates approximately 1,500 tractors and about 4,400\n trailers.\n\n\nThe purchase price represents a total enterprise value of approximately\n US$310 million, including the assumption of Transport America's debt of\n about US$150 million, which has been reimbursed at closing. TransForce\n has financed the transaction through its existing credit facility,\n which has been extended by one year to August 2017 and whose authorized\n amount has been increased to $1,045 million. This acquisition is expected to generate annual total revenues of\n approximately US$350 million.\n\n\n\"We are excited to conclude this important strategic acquisition which\n provides TransForce with a critical mass, extensive geographic\n footprint and longstanding relationships with blue chip customers. The\n well-respected Transport America brand will be maintained, acting as\n our growth platform in the highly-fragmented US truckload market. We\n welcome Scott Arves, president and CEO of Transport America, his\n management team and their dedicated staff to the TransForce family.\n Together, we will focus on setting best practices to maximize\n efficiencies and capture profitable growth opportunities, thus\n generating a solid return on investment t...