Canadian express and transport group TransForce has completed the takeover of express freightoperator Quik X in the latest in a series of acquisitions over the last 12 months.
During 2011, the Montreal-based group completed the acquisition of US express firm Dynamex, tookover the Canadian domestic business of DHL Express, acquired truicker Concord Transportation andbought an oil rig services firm, I.E. Miller.
Last week the company finalised the purchase of Quik X Transportation, a specialist in theexpedited LTL market segment. An asset-light company with annual revenues of approximately $200million, it has a network of 17 centres across Canada and the US, more than 600 employees andagreements with approximately 325 independent contractors.
Founded in 1990, Quik X has a solid reputation in the time sensitive freight transportationmarket and is highly recognized for providing customers with superior information technologycapabilities through its proprietary software, TransForce stated.
“This acquisition further enhances TransForce’s density and capabilities in the niche expeditedLTL market. Quik X is well recognized for its leading-edge technology and highly qualifiedemployees. More importantly, its asset-light business model should provide a solid return on ourinvestment and create additional shareholder value,” commented Alain Bédard, Chairman, Presidentand Chief Executive Officer of TransForce.
In Q3, TransForce generated 39% of its C$743 million. revenues from courier and packageservices, 23% from trucking, 18% from LTL and 20% from specialised services. It had revenues ofC$1.95 billion in the nine months ending September 30, 2011.
