COMPETITION WATCH: TransForce buys Quik X
MISSISSAUGA, Ont. — TransForce has announced it has entered into an agreement to acquire all the shares of Quik X Transportation, including its US operations.
Quik X has a network of 17 centers across Canada and the US, with more than 600 employees and agreements with 325 independent contractors. Founded in 1990, Quik X specializes in time-sensitive freight and is known for developing its own sophisticated proprietary software. It’s an asset-light carrier with annual revenues of about $200 million.
The deal should close near the end of the year, TransForce announced.
“Quik X is well known for providing high-quality service through leading-edge technology,” said TransForce president, CEO and chairman Alain Bedard. “It also meets our corporate objective of an asset-light business model, while further enhancing our density in the niche expedited LTL market. More importantly, the transaction will be immediately accretive to TransForce earnings and should provide a solid return on our investment for shareholders, as we remain committed to our disciplined industry consolidation strategy.”
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