Strategic Acquisition of Less-Than-Truckload and Intermodal Truckload Carrier
Growth and Synergy Opportunities Across Canadian Footprint
Montreal, Quebec, August 28, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has signed a definitive agreement to acquire APPS Transport Group (“APPS”). Established in 1985 and headquartered in Mississauga, Ontario, APPS primarily provides Less-Than-Truckload service, as well as Truckload, Warehousing, Distribution, and specialized Logistics solutions within Ontario and throughout Canada. The company serves the retail, consumer goods, automotive supply, food and beverage, industrial and commercial supply, and wire and cable industries.
With approximately CAD $100 million in annual revenue and nearly half its business intermodal, APPS has more than 400 employees including nearly 100 dedicated drivers plus more than 80 independent contractors, and works with over 250 interline partners. From its six facilities including its main location in Mississauga, the company operates a fleet that includes nearly 70 company trucks, close to 250 trailers, and approximately 250 containers.
“We look forward to welcoming the exceptional APPS team to TFI International, and see a superb opportunity to drive performance and operational synergies in the months ahead,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “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 utilization, growing revenue quality and optimizing 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. We eagerly look forward to seeing the APPS team continue their long-term success under the TFI umbrella.”
The transaction is expected to close as soon as possible subject to regulatory review and approval.