TransForce Announces Acquisition of Clarke Transport Inc. and Clarke Road Transport Inc.
Acquisition further enhances TransForce's LTL and TL networks across Canada
MONTREAL, Oct. 31, 2013 /CNW Telbec/ - TransForce Inc. (TSX: TFI) (OTCQX: TFIFF), a North American leader in the transportation and logistics industry, is pleased to announce that it has entered into a definitive agreement to acquire all the shares of Clarke Transport Inc. and of Clarke Road Transport Inc., two subsidiaries of Clarke Inc. (TSX: CKI).
Clarke Transport Inc., a fully-integrated provider of less-than-truckload ("LTL") intermodal transportation services, operates a network of 15 terminals across Canada. Clarke Road Transport Inc. offers regular and specialized truckload ("TL") transportation services.
The transaction is subject to customary closing conditions and should close late 2013. The acquisition is expected to generate annual revenues of approximately $190 million. The two acquired entities employ a combined total of more than 600 staff and independent contractors.
"This acquisition will further enhance our density in the Canadian LTL and TL markets. The Clarke brand name is well recognized in the transportation and logistics industry and we are pleased to acquire entities known for their efficiency. We are pleased to welcome Mr. Dean Cull, President, and his team to the TransForce family. We expect this transaction to provide a sound return on investment to the benefit of our shareholders," said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.
TransForce Inc. is a North American leader in the transportation and logistics industry operating across Canada and the United States through its subsidiaries. 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 the following segments:
- Package and Courier;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes services to the energy sector, waste management, logistics and ancillary transportation services.
TransForce Inc. is publicly traded on the Toronto Stock Exchange (TSX: TFI) and the OTCQX marketplace in the U.S. (OTCQX: TFIFF). For more information, visit http://www.transforcecompany.com.
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.
SOURCE TransForce Inc.For further information:
Chairman, President and CEO