MONTREAL, Nov. 26 /CNW Telbec/ - TransForce Income Fund (TSX: TIF.UN), the leader in the Canadian transportation and logistics industry, today announced it has signed an agreement to acquire the shares of privately held Thibodeau Group of Companies.
Headquartered in Portneuf, Quebec, Thibodeau is a less-than-truckload and truckload carrier, operating primarily in Quebec, Ontario and the United States. Closing of the acquisition is subject to regulatory approvals.
Founded in 1945, the business is led by its President, Pierre Thibodeau, son of the company founder. Thibodeau has a workforce of 815 employees and has 1,530 tractors and trailers operating out of 14 terminals. In 2006, the group generated revenues of more than $80 million.
"Thibodeau is a well-established and successful business with an exceptional track record. It will further strengthen our less-than-truckload and truckload operations in Eastern Canada," said Alain Bedard, Chairman, President and CEO of TransForce. "The Thibodeau name is well known and synonymous with the very best in our industry. We are delighted to have this trucking icon as a TransForce company."
Profile
TransForce Income Fund (www.transforce.ca) is the leader in Canada's transportation and logistics industry. Headquartered in Montreal, Quebec, the Fund's objective is to create value for unitholders through managing and investing in a growing network of independent operating subsidiaries. TransForce provides a comprehensive and unique combination of capabilities, resources and geographical coverage in both domestic and trans-border markets. Its companies operate in four well-defined business segments:
- Less Than Truckload and Parcel Delivery; - Specialized Services, which includes its ancillary transportation services and fleet management & personnel services businesses; - Specialized Truckload; and - Truckload.
TransForce's trust units (TIF.UN) are listed on the Toronto Stock Exchange and are included in the S&P/TSX Composite Index.
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.
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