TFI International Acquires Assets of CT Transportation
June 29 2020 - 8:00AM
TFI International Inc. (NYSE and TSX: TFII), a North American
leader in the transportation and logistics industry, today
announced the acquisition of substantially all the assets of CT
Transportation, LLC (“CT Transportation”). Originally Coastal
Transport & Trading Company, CT Transportation was the flatbed
subsidiary of Comcar Industries, Inc., which along with its other
subsidiaries filed Chapter 11 petitions in the U.S. Bankruptcy
Court on May 17, 2020. TFI International paid total
consideration of U.S. $15 million for the assets acquired.
Founded in 1939 and headquartered in Savannah,
GA, CT Transportation operates more than 270 tractors and 560
trailers, with 11 terminals from Maryland to Florida, and generated
revenue before fuel surcharge of approximately U.S. $50 million in
2019. Its approximately 250 drivers provide quality
transportation of drywall, lumber, tiles, cement board and other
materials to major building product manufacturers and home
improvement distributors throughout the Southeast and Mid-Atlantic
regions of the U.S. CT Transportation will become part of TFI
International’s Truckload segment and operate under the business
name Coastal Transport.
“We welcome Steve Reid and his team to TFI
International and are excited to bring onboard several attractive
assets of CT Transportation,” stated Alain Bédard, Chairman,
President and Chief Executive Officer of TFI International. “The
Mid-Atlantic and Southeast U.S. are a key regional focus of ours,
and given that we share many of the same valued customers, CT is an
excellent strategic fit with our existing flatbed operations in
Canada. Following our recent acquisitions of Schilli, Aulick
and Gusgo, CT is another key addition to our expanding specialized
Truckload operations and we couldn’t be more pleased with this
compelling opportunity.”
ABOUT TFI INTERNATIONAL
TFI International Inc. is a North American
leader in the transportation and logistics industry, operating
across the United States, Canada and Mexico through its
subsidiaries. TFI International creates value for shareholders by
identifying strategic acquisitions and managing a growing network
of wholly-owned operating subsidiaries. Under the TFI International
umbrella, companies benefit from financial and operational
resources to build their businesses and increase their efficiency.
TFI International companies service the following segments:
- Package and Courier;
- Less-Than-Truckload;
- Truckload;
- Logistics.
TFI International Inc. is publicly traded on the
New York Stock Exchange and the Toronto Stock Exchange under the
symbol TFII. For more information, visit www.tfiintl.com.
For further information:Alain BédardChairman,
President and CEOTFI International
Inc.647-729-4079abedard@tfiintl.com
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