MONTREAL, Jan. 5, 2012 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced that it has completed the acquisition of all the shares of Quik X Transportation Inc. and Quik X Transportation (U.S.) Inc. ("Quik X"), a leading provider of transportation and logistics services, mainly in the expedited LTL market segment.
Headquartered in Mississauga, Ontario, Quik X has a network of 17 centers across Canada and the U.S., more than 600 employees and agreements with approximately 325 independent contractors. Founded in 1990, Quik X has a solid reputation in the time sensitive freight transportation market and is highly recognized for providing customers with superior information technology capabilities through its proprietary software. Quik X is an asset-light company with annual revenues of approximately $200 million. The transaction is expected to be accretive to TransForce's 2012 earnings.
"This acquisition further enhances TransForce's density and capabilities in the niche expedited LTL market. Quik X is well recognized for its leading-edge technology and highly qualified employees. More importantly, its asset-light business model should provide a solid return on our investment and create additional shareholder value," commented 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, 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 four well-defined reportable segments:
- Package and Courier;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes waste management, energy sector services, logistics and ancillary transportation services.
TransForce Inc. (TFI) is publicly traded on the Toronto Stock Exchange (TSX). 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.
For further information: