MONTREAL, Que. – TransForce has filed a letter of intent to acquire Century II Holdings, owner of courier company Information Communications Services (ICS).
The courier company serves about 35,000 accounts in the insurance, optical, financial, travel, dental and legal business sectors across Canada.
TransForce has offered a 58.4% premium over volume-weighted average closing share prices.
TransForce announced it hopes to conclude the acquisition by Oct. 31. ICS is based in Toronto and has a workforce of about 1,300 employees and owner/operators working out of 35 offices.
It generated $90 million in revenue last year.
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