Subscribe
Be the first with the news that moves the market- Transport and logistics company TFI International (TFII) has signed a deal to acquire APPS Transport Group
- With more than 400 employees, APPS generates approximately C$100 million in yearly revenue
- The company operates a fleet that includes almost 70 company trucks, 250 trailers and roughly 250 containers
- The transaction is expected to close as soon as possible, subject to regulatory review and approval
- TFI International (TFII) is currently down 1.58 per cent and is trading at $44.99 per share
Transport and logistics company TFI International (TFII) has signed a deal to acquire APPS Transport Group.
Headquartered in Mississauga, Ontario, the company was established in 1985 and primarily provides Less-Than-Truckload services, along with truckload, warehousing, distribution, and specialised logistics solutions both within Ontario and across Canada.
APPS Transport Group’s service extend throughout a number of sectors, including the retail, consumer goods, automotive supply, food and beverage, industrial and commercial supply, and wire and cable industries.
With more than 400 employees, including almost 100 dedicated drivers and 80 independent contractors, the company generates approximately C$100 million in revenue on an annual basis.
Its six facilities its primary location in Mississauga, and boasts a fleet of nearly 70 company trucks, almost 250 trailers and roughly 250 containers.
Alain Bédard, Chairman, President and CEO of TFI International, said the addition of the APPS team presents a significant opportunity to drive performance and operational synergies over the coming months.
“APPS shares our core values and has demonstrated rapid, efficient growth over the years. We anticipate building upon their already impressive track record by enhancing utilisation, growing revenue quality and optimising the use of our combined real estate footprint.
“In particular, the APPS operational network should provide an excellent strategic fit with our current operating regions, providing ample opportunity to further enhance customer service,” he added.
TFI International says the acquisition is expected to close as soon as possible, but remains subject to regulatory review and approval.
TFI International (TFII) is currently down 1.58 per cent to $44.99 per share at 2:26pm EDT.
