TFI International
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![]() TFI International logo | |
Formerly |
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Type | Public |
Industry |
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Founded | 1957Cabano, Quebec, Canada | in
Founder | Emond brothers |
Headquarters | Head office: Montreal, Quebec, Canada , Executive office: Etobicoke, Ontario Canada |
Number of locations | 366 facilities:
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Key people |
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Revenue | ![]() |
![]() | |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 16,753 (2020) |
Divisions |
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Subsidiaries | Over 80 including: |
Website | tfiintl |
Footnotes / references [1][2] |
TFI International Inc. is a Canadian transport and logistics company based in Saint-Laurent, Quebec, a borough of Montreal. It operates primarily in Canada, the United States, and Mexico through 4 business segments: less than truckload (LTL), package and courier, logistics, and truckload. It has Canada's largest LTL business,[3] largest trucking fleet,[4][5] and in 2021 was ranked 6th in terms of revenue among both LTL[6] and truckload[7] North American carriers.[8][9] Its trucking fleet consists of over 14,000 company-owned power units, nearly 10,000 owner-operator tractors, nearly 50,000 trailers and over 200 straight trucks.[10][11]
Since 1997,[12] the company's main source of growth has been complete takeovers of smaller logistics companies (over 180 between 1996 and 2020[13]) many of which continue operating as subsidiaries.[14]
History[]
Foundation and early history[]
The company was founded in 1957 as a regional trucking service in Cabano, Quebec. Particularly in its early years, the company went by a variety of names. It was incorporated in 1985 and known as Groupe Cabano d'Anjou.[13]
In 1987, the company changed its name to Cabano Expeditex Group Inc. along with its acquisition of Groupe Brazeau Inc. from La Verendrye Management Corp. for CA$14.4 million and Expeditex Inc. for CA$12.5 million. Cabano had reported a profit of CA$1.7 million in 1986 but both Brazeau and Expeditex had been unprofitable. The purchases increased Cabano's fleet from 700 to 5,000 vehicles[15] making it the largest trucking company in Quebec and fourth-largest in Canada. Following the acquisitions, Cabano Expeditex focused on reducing debt shutting down 15 terminals by October 1987, had plans to shutter 4 more, and expected to reduce administrative staff at the new acquisitions by about 40% and unionized workers by about 10%.[16]
Cabano Expeditex was forced to restructure its finances under pressure in 1988 and the next year reported losses of CA$16 million. By 1990, however, it was recovering and reported a profit of CA$4 million for the 1990 fiscal year. In July, it acquired the general freight operations of Clarke Transport Routier for CA$2.9 million. This deal added 610 rolling stock units and 300-400 employees to Cabano Expeditex's existing 2,100 employees and 3,200 vehicles.[17] In December 1990 the company changed its name to Cabano Transportation Group.[13]
In 1992, Cabano acquired Ontario-based Kingsway Transports Ltd. and its US operations from Kingsway's parent, Winnipeg-based Federal Industries Ltd. Following the purchase, Cabano changed its name to Cabano-Kingsway. The combined company operated 1,200 trucks, 3,400 trailers, and 63 service centers, and about 3,000 employees in eastern Canada and 19 northern US states. Cabano had been Canada's fourth largest trucking company but this deal meant it surpassed Reimer Express and TNT Canada to become the second largest after CP Express.[18]
Strategy shift[]
In 1997, Cabano Kingsway made significant management changes focused on operational efficiency and cost reductions. The company had been severely impacted by a strike in 1996 resulting in an earnings deficit. One key focus of the new management team was to reduce risk by diversifying its service offerings. Early acquisitions, therefore, were primarily intended to increase efficiency and grow new markets and services.[12]
By following their acquisitions strategy and divesting "non-core assets," the company subsequently experienced a significant increase in revenue with a much lower increase in expenses. In 1999, it changed its name to TransForce Inc.[12]
In February 2000, TransForce acquired TST Solutions the parent of US and Canadian LTL carrier TST Overland Express. This purchase represented a significant increase to TransForce's presence in the US. Post acquisition, TST continued to operate as an independent subsidiary.[19][20]
The company made major changes to its structure in 2002 when it converted itself into an income fund known as TransForce Income Fund.[21]
Diversification and expansion[]
Also in 2002, TransForce acquired Brampton, Ontario-based parcel-delivery company Canpar Courier. Canpar provides domestic services directly and cross-border services via interline agreements with other carriers and had been established in 1976 as a division of Canadian Pacific Trucks. By the time of its acquisition, Canpar operated 53 terminals and 1,000 vehicles and had reported revenues of approximately $150 million in 2001.[22]
Another significant purchase came in January 2004 when TransForce acquired the assets of Canadian Freightways from the recently bankrupt US trucking company, Consolidated Freightways. The deal was reported at CA$69.6 million plus assumption of debt worth CA$15 million. Canadian Freightways offered LTL, truckload, warehousing, brokerage, and other logistics services.[23] With acquisitions and organic growth, by 2005 TransForce was Canada's largest trucking company operating two dozen subsidiaries with a combined nearly 3,500 trucks and 9,000 trailers.[24]
TransForce again expanded its courier services in October 2007 with the purchase of ICS Courier and its parent Century II Holdings Inc. Founded in 1978 as Information Communication Services, Toronto-based ICS primarily focused on commercial shipments including parcel and document services and claimed 35,000 accounts, more than 1,300 employees and owner-operators, and 35 offices.[25]
In 2008, as part of a corporate restructuring, TransForce Income Fund changed its name back to TransForce Inc.,[26] the name it had used from 1999 to 2002.[21]
In November 2009, Transforce acquired the Retail Solutions Division of ATS Andlauer Transportation Services (ATS). The division focuses on the retail and supply chain sectors and was renamed TForce Integrated Solutions on January 1, 2014.[27]
TransForce expanded its energy services portfolio in 2010 when it acquired Speedy Heavy Hauling for US$32 million and a 19% equity interest in Speedy's parent, Calgary-based EnQuest Energy Services. Speedy focused on the US market and was merged with TransForce's prior US-based energy services acquisition, Hemphill Trucking, to form Hemphill-Speedy.[28]
US and further Canadian expansion[]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/f/ff/Iconic_red_truck_in_front_of_the_building.jpg/220px-Iconic_red_truck_in_front_of_the_building.jpg)
TransForce moved into the US parcel market with its December 2010 acquisition of Dallas-based Dynamex (Nasdaq: DDMX) for US$248 million. The company provided parcel delivery and logistics services in both the US and Canada and had reported revenues of US$418 million in the fiscal year ending October 31, 2010. Dynamex would be renamed TForce Logistics.[29] Additional parcel expansion came in June 2011 when TransForce acquired the domestic Canadian business of DHL Express. The division would be operated as Loomis Express and continued to focus on domestic services while offering international services via an alliance with DHL Express.[30][31]
TransForce once again reorganized its energy services holdings in 2012 by consolidating its Canadian subsidiaries Kos Oilfield Transportation and Howard's Transport with their US counterparts Hemphill-Speedy and I.E. Miller to form TForce Energy Services.[32]
A months long campaign by TransForce to acquire one of its largest rivals, Canadian truckload carrier Contrans Group Inc., and its subsidiaries for CA$495 million[33] completed successfully on January 15, 2015.[34][35] Contrans comprised 12 trucking companies primarily in the truckload and specialty truckload markets. Earlier in the year, Contrans as a whole was reported to have operated 1,493 tractors, 2,541 trailers, and 39 straight trucks. The same report showed TransForce with 3,774 tractors, 12,486 trailers, and 3,288 straight trucks across all divisions.[33] Most Contrans subsidiaries continued to operate as TransForce subsidiaries following acquisition.
By 2016, TransForce already had a large LTL presence in the US via a variety of acquisitions but their truckload market share increased significantly with the October purchase of XPO Logistics Truckload, the truckload division of US freight carrier and broker XPO Logistics. The purchase price was reported to be US$558 million. XPO had purchased US carrier Con-Way the previous year but didn't find its truckload division, Con-Way Truckload, to be a good fit for XPO's strategic direction.[36] TransForce renamed the division CFI, the original name of the company acquired by Con-Way which had been rebranded Con-Way Truckload.[37][38]
In December 2016 the company changed its name to TFI International in a move it said "better reflects the increased geographic scope of its operations."[39][12][40] This "increased geographic scope" was illustrated by the company's 2016 reports which showed 53% of its business was in Canada and 47% was in the US.[41]
TFI acquired third-party-logistics provider DLS Worldwide from U.S. company, R. R. Donnelley & Sons Company for US$225 million in November 2020.[42] DLS was renamed TForce Worldwide and continued to operate from the former DLS headquarters in Bolingbrook, Illinois.[43]
UPS Freight acquisition[]
![](http://upload.wikimedia.org/wikipedia/commons/thumb/e/e3/UPSIntl4000.jpg/220px-UPSIntl4000.jpg)
In January 2021, TFI agreed to purchase UPS' LTL and truckload subsidiary UPS Freight for US$800 million.[44] At the time, the acquisition was the second largest deal in North American trucking history after the 2017 merger of Swift Transportation and Knight Transportation and made TFI one of the largest trucking companies in North America.[45]
UPS Freight had been formed in 2005 when UPS acquired LTL carrier Overnite Transportation and its subsidiary Motor Cargo for US$1.25 billion.[44] In the purchase UPS expected to find synergies between the LTL services of Overnite and UPS' core package services. The move was also a bid to head off rival FedEx[46] which had recently expanded into LTL via a series of acquisitions.[47] However, for UPS the expected synergies did not materialize to the extent expected and the company decided to sell off its freight business and refocus on small package services.[48][49]
The TFI acquisition of UPS Freight was completed in April 2021 and nearly doubled TFI's size to US$6.5 billion in annual revenue.[50] The division's core LTL services were rebranded TForce Freight and would continue to operate out of the carrier's Richmond, Virginia headquarters. The smaller truckload business, representing about 10% of revenues, would be transferred to TFI's other US truckload companies.[48][51] TFI announced plans to invest US$50 million to US$75 million into the new division for fleet upgrades including replacing about 1,000 trucks as well as price renegotiations with customers.[45]
Business segments and divisions[]
Truckload (41 divisions)[52]
Specialized
- BTC East
- BTC West
- Coastal Transport
- Contrans Flatbed Group
- Contrans Tank Group
- Contrans Vrac
- Driving Force Decks
- Durocher International
- Fleetway
- GBT
- GHL Transport
- Golden International
- Gusgo
- JAF
- JAG
- Kingsway Bulk
- Laidlaw Carriers Bulk
- McArthur Express
- Mirabel Logistic
- Nordique
- P&W Intermodal
- Piston Tank
- Procam International
- Quiktrax Intermodal
- TF Truckload & Logistics
- Timeline Logistic
- Tombro
- Trans2D Logistics
- Tri-Line Carriers
- TST Expedited
- TTL
- Westfreight Systems
- Winalta
Conventional
- Besner
- CFI
- Couture
- JCG
- Laidlaw Carriers Van
- Papineau International
- TF Dedicated Logistics
- Transport America
Logistics (22 divisions)[53]
- AC Logistics Canada
- Cavalier Logistics
- CFI Logistica
- CFI Logistics
- CK Logistics
- Clarke North America
- Cornerstone Logistics
- Craler
- DSN Chemical Transportation
- E&L Logistics
- FreightLine
- Guardian Medical Logistics
- Logikit
- Patriot Freight Services
- Quik X Logistics
- SAF Logistics
- St-Lambert
- Stream Logistics
- TForce Logistics
- TForce Logistics Canada
- TForce Premier Distribution
- TForce Worldwide
Less-than-truckload (12 divisions)[54]
Over-the-road
- Cavalier
- Excel Transportation
- La Crete Transport
- McMurray Serv-U Expediting
- Normandin
- Quik X Transportation
- TForce Freight (formerly UPS Freight)
- Tripar Transportation
- TST-CF Express
Intermodal
- Clarke Transport
- National Fast Freight
- Vitran
Package and courier (4 divisions)[55]
- Canpar Courier
- ICS Courier
- Loomis Express
- TForce Integrated Solutions
Operations & financial performance[]
![]() | This section needs to be updated.(August 2021) |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/a/a1/ICSCourierVan.jpg/220px-ICSCourierVan.jpg)
For the 2010 year, overall revenue increased slightly (8.4%) but LTL revenue decreased 5.9% (because of lower prices and the stronger Canadian dollar); the company's takeover of ATS Retail Solutions together with an agreement signed by Canpar with the Ontario government, improved results for the package-courier business.[56]
In December 2010 it entered the US market by acquiring Dallas based Dynamex with a $248 million takeover offer. In the 12 months leading up to October 31, 2010 Dynamex made $418 million in revenue (about a quarter as much as TFI International).[29] Even though TFI International cut its trucking fleet by 100 power units in 2010 revenue didn't fall, the result of improved equipment efficiency.[56][57][58]
In 2011 TFI International's adjusted profit (excludes the effects of derivatives and foreign exchange rates) was $102.5 million (up 43%) on revenue of $2,690.53 million (up 34%, for the 4q revenue up 46%, profit up 63%).[59][60] Newly acquired Dynamex and Loomis Express contributed revenues of $202 million for TFI International in 2011. They accounted for virtually all of the change in fourth quarter sales and $608 million of the $688 million increase over the year.
For 2012, all of the revenue growth came from the package and courier segment attributable to newly acquired Dynamex (1q2011) and Loomis Express (2q2011); the existing customer base experienced lower shipping volumes.[61] In 2012 each business unit contributed the following to total revenue (before eliminations): Package and Courier 36.5% (2011 35.3%, 2010 19.2%), Less-Than-Truckload 20.4% (2011 18.4%, 2010 26.2%), Truckload 19.0% (2011 22.7%, 2010 29.6%), Specialized Services 24.0% (2011 23.6%, 2010 25.6%).[59] Top customers contributed 55% of total revenue between January and June 2011; They are involved in the retail (21%), energy (18%), services (12%), automotive (8%), waste management (6%), metals & mining (6%) and forestry (5%) industries.[62] 56.5% of business comes from Canada, 43.1% USA, 0.4% Mexico.[63]
In 2017, each business unit contributed the following to total revenue : package and courier 28% (vs 34%), Less-Than-Truckload 19% (vs 20%), Truckload 46% (vs 40%), Logistics 7% (vs 6%). Main competitors are Purolator Courier Ltd., UPS and Fedex (international), Nationex and Dicom (regional), Day & Ross Inc. (LTL) and Manitoulin Transport Inc, Challenger Motor Freight Inc. and SGT 2000 Inc.; and C.H. Robinson. In 2017 3882 employees were added through business acquisitions.[64]
Notable members of the TFI board include former president, CEO, and chairman of the National Bank of Canada André Bérard, former founder and president of CF Montréal Joey Saputo, and former journalist and National Assembly of Quebec member Richard Guay.[65] From 2007 to August 2021 Lucien Bouchard was a member of TFI's board. Bouchard had held a number of senior political positions in Canada including Secretary of State, Premier of Quebec, and Ambassador to France.[66]
Acquisitions[]
Since 1997,[12] TFI's primary growth strategy has been through acquisitions having acquired over 180 companies between 1996 and 2020.[13] These include a number of major transportation-related investments and dozens of "tuck-in" acquisitions intended to complement existing operations.[14] TFI gives most subsidiaries (which are largely former independent companies) a certain level of autonomy. That allows each subsidiary to continue to cater to different regional markets and segments as a specialized interest. TFI International then uses its influence and cash flow to help increase the capacity of each subsidiary (like it did in 2010 when its purchase of a 52-door cross dock terminal in Calgary tripled the capacity of TST Overland and expanded its shipping network).[67]
No. | Company | Services | Location | Acquired on | Acquired for | Disposition | Ref. |
---|---|---|---|---|---|---|---|
1 |
|
— | ![]() |
1978 | — | — | [68] |
2 |
|
— | ![]() |
1987 | CA$14.4 million |
|
[15] |
3 | Expeditex | — | ![]() |
1987 | CA$12.5 million | — | [15] |
4 |
|
— | ![]() |
1990 | CA$2.9 million | — | [17] |
5 |
|
LTL | 1992 | — |
|
[69] | |
6 | Thompson's Transfer Company | — | — | 1997 | — | — | [12] |
7 | Transport Super Rapide | — | — | 1998 | — | — | [12] |
8 | Entreprises de Transport J.C.G. | Truckload | ![]() |
March 1998 | — | — | [13] |
9 | Transport LeBon | Specialty truckload | ![]() |
1998 | — |
|
[50] |
10 |
|
Truckload | ![]() |
October 1998 | — | — | [13] [12] |
11 | Transport M. Courchesne | — | — | 1998 | — | — | [12] |
12 | Raynald April | — | — | 1998 | — | — | [12] |
13 | Transport Nordique | — | — | 1999 | — | — | [12] |
14 | Transport R Mondor | — | — | 1999 | — | — | [12] |
15 | Enterprises Yves Labonte | — | — | 1999 | — | — | [12] |
16 | Transport McGill | — | — | 1999 | — | — | [12] |
17 | Transless | — | — | 1999 | — | — | [12] |
18 |
|
|
![]() |
March 2000 | CA$85 million |
|
[19] [20] |
19 | DCA Express 24 | — | — | 2000 | — | — | [12] |
20 | Distribution de Colis les Appalaches | — | — | 2000 | — | — | [12] |
21 | Enterprises RR Mondor | — | — | 2000 | — | — | [12] |
22 | Retex Transport | Specialty truckload | ![]() |
June 2002 | CA$5 million | — | [70] [71] |
23 | Canpar Transport | Parcel | ![]() |
July 2002 | CA$39.5 million | — | [23] [22] |
24 | Transport Mirald | Truckload | ![]() |
16 August 2002 | — | — | [72] |
25 | Transport Forestville | Specialty truckload | ![]() |
26 February 2003 | — | — | [73] |
26 |
|
|
![]() |
January 2004 | CA$69.6 million |
|
[23] [76] [20] |
27 | Transport S.A.S. | — | ![]() |
2004 | — | — | [77] |
28 | Transport George Lacaille | — | ![]() |
2004 | — | — | [77] |
29 | Transpel | Truckload | ![]() |
May 2004 | — | — | [77] |
30 | Highland Transport | Truckload | ![]() |
October 2004 | — |
|
[78] |
31 | Services Matrec | Waste Management | — | February 2005 | — |
|
[13] [79] |
32 | Porter Trucking | — | ![]() |
15 February 2005 | — | — | [80] |
33 | Groupe Grégoire | Truckload | ![]() |
5 May 2005 | — | — | [24] |
34 | Rebel Transport | Truckload | ![]() |
5 May 2005 | — | — | [81] |
35 | Kos Corp. Oilfield Transportation | Rig-moving | ![]() |
2006 | — |
|
[82] [32] |
36 | Hemphill Trucking | Rig-moving | ![]() |
2006 | — |
|
[13] [28] [32] |
37 | Howard's Transport Services | Rig-moving | ![]() |
2006 | — |
|
[83] [32] |
38 | Streeper Contracting | Rig-moving | — | 2006 | — | — | [13] |
39 |
|
Courier | ![]() |
31 October 2007 | — | — | [25] [13] |
40 | Location Beaudry |
|
— | 2007 | — | — | [13] |
41 | Les Consultants en Personnel Logipro |
|
— | 2007 | — | — | [13] |
42 | MTC Agence de Personnel |
|
— | 2007 | — | — | [13] |
43 |
|
Customized Freight | — | 19 November 2009 | — |
|
[27] |
44 | Thibodeau Group |
|
![]() |
November 2007 | — | — | [84] |
45 | GHL Transport | Specialty truckload | ![]() |
2008 | — | — | [50] |
46 | Kingsway Alimentaire | Specialty truckload | ![]() |
2008 | — | — | [50] |
47 | Centre de Mécanique Henri Bourassa (CMHB) | Tank repair and maintenance | ![]() |
2008 | — | — | [50] |
48 |
|
Rig-moving | ![]() |
2010 | US$32 million |
|
[28] |
49 | Concord Transportation |
|
![]() |
August 2011 | CA$10 million[b] | — | [85] |
50 | Dynamex | Same-day parcel delivery | ![]() |
December 2010 | US$248 million |
|
[86] [87] |
51 | IE Miller Services[c] | — | ![]() |
30 November 2011 | — | — | [88] |
52 | Pedersen Transport |
|
![]() |
December 2011 | — | [citation needed] | — |
53 | Domestic business of DHL Express Canada | Parcel | ![]() |
2011 | US$25 million |
|
[30] [31] |
54 | Quik X Transportation | LTL Intermodal | ![]() |
January 2012 | — | — | [87] |
55 |
|
|
![]() |
January 2014 | CA$88 million | — | [89] |
56 | Vitran Corporation |
|
![]() |
March 2014 | CA$136 million[d] | — | [90] |
57 |
|
— | ![]() |
May 2014 | — | — | [91] |
58 | Transport America | Truckload | — | 2014 | — | — | [13] |
59 |
|
|
![]() |
11 November 2014 | CA$495 million |
|
[92] [33] [34] [35] [93] [50] |
60 |
|
Truckload | ![]() |
October 2016 | US$558 million | [36] [38] [37] | |
61 | Villeneuve Tank Lines | Specialty truckload | — | 2017 | — |
|
[50] |
62 |
|
|
![]() |
13 January 2017 | — |
|
[94] |
63 | Cavalier Transportation Services |
|
![]() |
28 January 2017 | — | — | [95] |
64 | Les enterprises Dupont | Specialty truckload | ![]() |
28 May 2017 | — | — | [95] |
65 | Premier Product Management | Household appliance delivery | ![]() |
31 October 2017 | — | — | [95] |
66 | Normandin Transit |
|
![]() |
3 April 2018 | — | — | [96] |
67 | Brasseur Transport |
|
![]() |
1 May 2018 | — |
|
[96] [50] |
68 | Timeline Logistic |
|
![]() |
1 July 2018 | — | — | [96] |
69 | Gorski Bulk Transport |
|
![]() |
1 October 2018 | — |
|
[96] [50] |
70 | Double-D Transport |
|
![]() |
1 November 2018 | — | — | [96] |
71 | SAF Transport |
|
![]() |
21 November 2018 | — | — | [96] |
72 | A. Beaumont Transport |
|
![]() |
1 December 2018 | — | — | [96] |
73 | Hughson Trucking[a] |
|
![]() |
4 December 2018 | — | — | [96] |
74 | Cole Carriers Corp.[a] |
|
![]() |
14 December 2018 | — | — | [96] |
75 | Toronto Tank Lines (TTL) | Specialty truckload | ![]() |
15 February 2019 | — | — | [97] |
76 | Schilli Corporation | Specialty truckload | ![]() |
22 February 2019 | — |
|
[97] |
77 | Les Services JAG | Specialty truckload | ![]() |
19 March 2019 | — | — | [97] |
78 |
|
|
![]() |
1 April 2019 | — |
|
[98] [41] [99] |
79 |
|
|
![]() |
27 April 2019 | US$7.2 million | — | [97] |
80 | Piston Tank Corporation | Specialty truckload | ![]() |
14 June 2019 | — |
|
[97] [50] |
81 | AT Group US Logistics[a] |
|
![]() |
7 August 2019 | — | — | [97] |
82 | Craler Inc. | Specialty truckload | ![]() |
22 August 2019 | — | — | [97] |
83 |
|
3PL | ![]() |
2 March 2020 | US$225 million |
|
[42] [43] |
84 |
|
|
![]() |
17 June 2020 | — | — | [100] |
85 - 87 |
|
|
US$34.6 million[g] |
|
[75] [74] [101] [102] | ||
88 | DSN Chemical Transportation | Logistics | — | 16 July 2020 | — | — | [13] |
89 | Keith Hall & Sons Transport Limited | Specialty truckload | ![]() |
31 July 2020 | — |
|
[103] [50] |
90 | TBM Logistics | Specialty truckload | — | 18 September 2020 | — | — | [13] |
91 | Desrosiers Transport[a] | Specialty truckload | — | 1 October 2020 | — | — | [13] |
92 |
|
Logistics | ![]() |
October 2020 | — |
|
[104] |
93 | Freightline Carrier Systems | Logistics | — | 31 October 2020 | — | — | [13] |
94 | Excel Transportation Group | LTL | — | 29 November 2020 | — | — | [13] |
95 | Fleetway Transport | Truckload | ![]() |
1 February 2021 | — |
|
[105] [106] |
96 | Michel Charbonneau | Specialty truckload | — | January 2021 | — |
|
[50] |
97 | Transport Bergeron | Specialty truckload | — | January 2021 | — |
|
[50] |
98 |
|
|
![]() |
April 2021 | US$800 million |
|
[48] [51] |
99 | Procam International |
|
![]() |
June 2021 | — | — | [107] |
- ^ Jump up to: a b c d e f g h i This was an asset-only purchase where TFI acquired the majority of the assets of the company but not the company itself.[28][74][75][23]
- ^ Purchase price included $2 million in company shares. Prior to acquisition, Concord had annual revenues of $35 million, 96 employees and offices in Illinois, California and Washington in addition to Western Canada.[85]
- ^ Prior to acquisition the company, founded in 1936, operated eight terminals in Texas, Louisiana, Oklahoma, North Dakota and Colorado with a workforce of approximately 400. It was a former subsidiary of Complete Production Services.[88]
- ^ Jump up to: a b By November 2013, TransForce owned approximately 19.95% of Vitran's shares and had signed a "lock-up" agreement that would require Vitran to sell to TransForce if it made an offer.[89] Vitran agreed to be acquired by Manitoulin Transport Inc. in December 2013 but reversed its decision and accepted the TransForce offer in January.[90] When acquired, Vitran had already sold its Supply Chain Operation (SCO) unit to 3PL Legacy Supply Chain Solutions in March 2013 and its US LTL business in October.[90]
- ^ Jump up to: a b This unit included the former Con-way Truckload operations which XPO had acquired in 2015. Con-way Truckload was the rebranding of Contract Freighters Inc. (CFI) following Con-way's 2007 purchase of that carrier.[36][37]
- ^ TFI did not acquire Aulick Leasing's other subsidiaries: Aulick Industries, Aulick Air, Tow-Aul & Recovery, and Stor-Aul.[41]
- ^ Total of US$34.6 million includes US$12.8 million for MCT, US$15 million for CT, and US$6.8 million for CCC. Each was completed as a separate transaction.[75][74][101]
External links[]
References[]
- ^ TFI International (March 2021). "2020 Annual Report" (PDF). TFI International. Archived (PDF) from the original on 13 August 2021. Retrieved 13 August 2021.
- ^ "Financial Post Corporate Snapshot - TFI International Inc". FP Advisor. Archived from the original on 2021-08-18. Retrieved 23 August 2021.
- ^ "TransForce in buying mood again; takes over ATS retail biz". Today's Trucking. 9 October 2009. Archived from the original on 2010-11-29. Retrieved 26 April 2010.
- ^ "Canada's Top 100 truck fleets topped by TFI International". Truck News. Today's Trucking. 9 June 2020. Archived from the original on 18 August 2021. Retrieved 18 August 2021.
- ^ "TransForce expands its waste section". Today's Trucking. 3 February 2010. Archived from the original on 2011-10-02. Retrieved 26 April 2010.
- ^ "2021 Top Less-Than-Truckload Carriers". Transport Topics. Archived from the original on 18 August 2021. Retrieved 18 August 2021.
- ^ "2021 Top Truckload/Dedicated Carriers". Transport Topics. Archived from the original on 18 August 2021. Retrieved 18 August 2021.
- ^ Schulz, John D. (4 January 2007). "Top 50 Trucking Companies Special Report: Excellence in Motion". Logistics Management. Archived from the original on 2010-03-30.
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- Morningstar National Bank Québec Index
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