PRESCOTT, ON and MILTON, ON, Nov. 3, 2015 /CNW/ - Kriska Transportation Group Limited (KTG) is pleased to announce that it has signed a letter of intent to acquire the shares of Transpro Freight Systems Limited (Transpro) based in Milton, Ontario. This transaction is expected to close by November 30, 2015. Transpro will continue to be led by the current management team, including Mr. Eric Carusi, who will remain General Manager of the company.
"We are thrilled to be welcoming another best-in-class company to the KTG family," noted Mark Seymour, President and Chief Executive Officer of KTG. "Transpro is a multiple award winning carrier, with a top tier safety record, strong management team, and consistent financial performance through economic cycles. In addition, they bring deep subject matter expertise in the field of freight brokerage, which will benefit all of our independent operating companies."
"We are incredibly proud of the business we have built over the past 26 years," commented Joe Carusi and Frank Prosia, co-founders of Transpro. "The next generation of leaders at Transpro will benefit from all the economies of scale a large organization like Kriska can bring, coupled with what we believe to be an excellent cultural fit between our two companies. Kriska's decentralized model, with a passion around safety and well-being for employees, makes them an excellent fit for our team."
Transpro currently operates 110 tractors and 300 trailers. Inclusive of the acquisition of Transpro, KTG now operates a total fleet of 645 tractors, 1,950 trailers, and employs 900 people, including owner operators.
About Kriska Transportation Group
Founded in 2014, Kriska Transportation Group (KTG) is a growth-oriented transportation and logistics company based in Prescott, ON. KTG owns a collection of independently operated asset-based companies, with a strong focus on cross border, truckload freight. KTG seeks to invest in companies with best-in-class safety, driver retention, and financial results, and that are based in Eastern Canada. KTG's core brands include Kriska Holdings Limited, Mill Creek Motor Freight LP, JMF Transport (1992) Ltée., and Transpro Freight Systems Limited.
Left Lane Associates acted as a transaction broker to TransPro.
SOURCE Kriska Holdings Limited
For further information: on Kriska Transportation Group Limited please contact: Mr. Mark Seymour - President & Chief Executive Officer, Mr. Pierre Carrier - Chief Financial Officer, Mr. Jonathan Wahba - Chief Operating Officer, 850 Sophia Street, Prescott, Ontario, Canada, K0E 1T0, Telephone: 1-800-461-8000; For further information on TransPro Freight Systems LTD. please contact: Mr. Eric Carusi - General Manager, 8600 Escarpment Way, Milton, Ontario, Canada L9T 0M1, Telephone: 1-800-268-6857