WINDSOR, Ont. – Titanium Transportation Group has announced its acquisition of Xpress Group, a Windsor-based van and flatbed carrier.
The deal consisted of $3.1 million in cash, $420,000 worth of Titanium stock, and the assumption of $5.2 million in debt. Titanium CEO Ted Daniel said the acquisition complements its Windsor terminal.
“This is exactly the type of acquisition we have been waiting for,” he said. “Backed by our own recent investments in the Windsor terminal and in BlackBerry Radar, we expect to be able to achieve significant synergies between Titanium and Xpress. In addition, Xpress’s customer base complements the cross-border, full-truckload division that we have focused on growing. We are excited and proud to bring the Xpress team into the Titanium fold.”
Xpress Group was founded more than 30 years ago by Dave Tracey. Its customers are based in southern Ontario and the U.S. midwest.
“In my view, the acquisition represents the best path forward for Xpress, to continue to add value to what we built from the ground up. I am very excited to now be a part of Titanium’s growth story,” said Tracey.