Atlas Cold Storage picks up TCT reefer assets
TORONTO, Ont. — Atlas Supply Chain Services, a subsidiary of Atlas Cold Storage, has agreed to purchase certain assets of the temperature-controlled transportation business of TCT Logistics.
As part of the deal, Atlas will assume operations at the Brampton terminal. The purchase, being made from interim receiver KPMG. The business will operate under the name of Atlas Cold Logistics.
“We expect that the new company will employ approximately 75 administrative and management staff,” says the company. Atlas adds it expects to operate 290 tractors through approximately 190 owner/operators and 100 company drivers.
The company expects to operate 550 refrigerated trailers as part of the venture.
“This transaction firmly establishes Atlas as the largest temperature-controlled, integrated logistics company in Canada,” says Patrick Gouveia, chief executive officer and president of Atlas Cold Storage. “This is an excellent fit combining a talented team of refrigerated transportation, warehousing and logistical experts.”
He adds the firm expects revenues of more than $75 million per year from this operation.
“Our focus will be on providing refrigerated truckload services throughout Canada and into the U.S. and regional LTL services.”
Terms of the transaction were not disclosed. Atlas expects to close this transaction on or about Mar. 15, subject to court approval. Atlas Cold Storage operates the fourth largest temperature-controlled distribution network in North America with 33 facilities with nearly 130 million cubic feet of refrigerated space.
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