TransForce acquires US-Canadian logistics network
Canadian transportation and logistics firm TransForce has snapped up another North American logistics business, in the form of transportation network Quik X Transportation. The move follows a string of acquisitions by Montreal-based TransForce in the last two years.
TransForce said buying Quik X Transportation Inc. and Quik X Transportation (US) Inc. would give it a bigger presence in the express less-than-truckload market.
TransForce said its new acquisition had annual revenues in the region of $200m, which should bring a “solid return” on its investment, contributing to the 2012 results.
With its headquarters in Mississauga, Ontario, Quik X was founded in 1990 and now has a network of 17 sites across Canada and the United States, with more than 600 employees.
However, it is an asset-light business that bases operations on a network of 325 independent transport contractors, fitting in with the TransForce model of becoming more asset-light itself.
Following the takeover, TransForce comprises 15,200 of its own employees and 6,825 independent contractors.
Alain Bedard, chairman, president and chief executive officer of TransForce, said: “This acquisition further enhances TransForce’s density and capabilities in the niche expedited LTL market. Quik X is well-recognized for its leading-edge technology and highly-qualified employees.”
TransForce, which is listed on the Toronto Stock Exchange, has been expanding its operations in Canada and the US considerably in recent years. Last year its acquisitions included the domestic operations of DHL Express in Canada, Toronto-based express carrier Concord Transportation, Inc., and also Dallas-based courier firm Dynamex.
In 2010, the company acquired Colorado-based logistics firm Speedy Heavy Hauling, Inc.
