- Titanium Transportation (TTR) has acquired International Truckload Services Group
- The company purchased all outstanding shares for approximately C$60.5 million
- International Truckload generates approximately $80 million in annualized revenue
- Titanium Transportation now projects its 2021 revenue at approximately $330 million
- Titanium Transportation Group is up 15.69 per cent on the day, with shares trading at C$3.76 at 11:19 a.m. EST
Titanium Transportation (TTR) has acquired all outstanding shares of International Truckload Services Group.
Under the terms of the deal, Titanium will pay$60.5 million for all the shares of International Truckload. The acquisition will include cash considerations and assumption of net debt, subject to closing adjustments.
Founded in 1986, International Truckload generates approximately $80 million in annualized revenue. Based in Belleville, Ontario, the company also operates over 330 power units and 16-hundred trailers, with 470 employees and owner-operators.
It is Canada’s 22nd-largest carrier, according to the Today’s Trucking magazine.
The company provides logistics and truckload solutions to a customer base in southern Ontario, Quebec and the United States, with a focus on food products, industrial commodities and general freight.
“We are excited to welcome ITS into Titanium and to commence this year with a strategic acquisition that delivers immediate accretive growth, significantly expands our footprint, enhances our service offering and positions us to capitalize on a robust North American freight market,” said Titanium Transportation Group CEO Ted Daniel. “International’s operations are highly complementary to our existing platform with similar geographical coverage and service offerings. With Titanium’s best-in-class technology we will create meaningful synergies and enhancements for ITS employees, drivers, customers and vendors. These improvements will enable us to create greater value for our shareholders.”
After the acquisition and combined with its own organic growth forecast, Titanium Transportation now expects its 2021 revenue to top out at approximately $330 million. The company expects its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) to be $33 million.
The company expects the acquisition to help make bigger inroads into the North American freight market, which it values at $850 billion.
Titanium Transportation Group is up 15.69 per cent on the day, with shares trading at C$3.76 at 11:19 a.m. EST.
