Business
TransForce enters into an agreement to acquire Transport America, Inc.
Transaction to provide TransForce with critical mass in the US Truckload sector ...
About this update from Tfi International Inc.
[{"type":"text","content":"\n\n\nTransaction to provide TransForce with critical mass in the US Truckload\n sector \n\n\n\n\n\n\n\n \n\n\n\n\nCONFERENCE CALL\nMonday June 2, 2014 at 9:00 AM, Eastern time\nDial-in number: 1-888-231-8191\n\n\n\n\n \n\n\n\n\nA recording of the call will be available until midnight, on June 9,\n 2014 by dialling 1-855-859-2056 or 416-849-0833 and entering passcode\n 52628299.\n\n\n\n\n \n\n\nMONTREAL, QC and EAGAN, MN, June 2, 2014 /CNW Telbec/ - TransForce Inc.\n (TSX: TFI) (OTCQX: TFIFF), a North American leader in the\n transportation and logistics industry, today announced that a\n wholly-owned subsidiary of TransForce has entered into an agreement\n with Goldner Hawn Johnson & Morrison Incorporated (\"GHJ&M\") to acquire\n the entire share capital of its portfolio company, Transport America,\n Inc. (\"Transport America\"), an important provider of truckload (\"TL\")\n carriage and logistics services.\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\n\nTransport America's network includes 12 terminals located throughout the\n 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 transaction is subject to customary closing conditions and should\n close near the end of June 2014. The purchase price represents a total\n enterprise value of approximately US$310 million, including the\n assumption of Transport America's debt of about US$150 million.\n TransForce will finance the transaction through its existing credit\n facility, and will continue to maintain a strong balance sheet and\n financial flexibility post-closing. This acquisition is expected to\n generate annual total revenues of approximately US$350 million.\n\n\n\"This acquisition will immediately provide TransForce with a critical\n mass in the highly-fragmented TL sector in the United States and we\n stand to benefit from Transport America's extensive geographi...