Just on the heels of one major acquisition, Canadian hauler TFI announced the purchase of another trucking company.
On February 1, TFI International Inc. announced the acquisition of Brampton, Ontario-based trucking company Fleetway Transport Inc. The terms of the acquisition were not disclosed.
TFI says that Fleetway will continue to operate as a standalone business unit within TFI International’s Specialized Truckload segment and will continue to be led by current President, David Rees, and VP of Finance, Scott Walker.
Fleetway was founded in 1983 and provides truckload and heavy-haul transportation services along with warehousing and transportation for refrigeration equipment. The company generates $25 million in annual revenue.
Fleetway employs 100 workers and operates more than 80 power units and more than 250 vans, flatbeds, drop decks, and floats.
Rees said, “On a personal note, I came to this decision after many years of contemplation and it was not an easy decision for me to make as my family have been business owners in the trucking industry for four generations. I felt it was the right time to make this decision and join forces with TFI so that we have access to more resources and more geographical locations to service our customers’ needs. I look forward to our continued success and the exciting future ahead.”
The news of the Fleetway acquisition comes just days after TFI announced that the company had entered into an agreement to purchase UPS Freight, the less-than-truckload (LTL) and dedicated truckload (TL) divisions of United Parcel Service, Inc. for $800 million.
“Fleetway operates a unique and profitable heavy-haul and specialized van business that’s highly synergistic with our existing network”, stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “Expansion of Fleetway’s strong customer relationships built over the years is one of multiple growth opportunities we see, which include expanding Fleetway’s business into regions such as Mexico leveraging our affiliates, and utilizing our brokerage capabilities to drive business their way. Consistent with our longstanding approach to the business, we also see potential opportunities to improve asset utilization. We welcome David, Scott and their entire team, and look forward to supporting the expansion of Fleetway’s business as an exciting new member of the TFI family of companies.”