MONTREAL, Que. — TransForce Income Fund has completed the acquisition of Highland Transport of Markham, Ont., one of Canada’s largest truckload carriers.
“The acquisition of Highland is both accretive to TransForce unitholders and a significant strategic initiative since it gives the Fund a greatly enhanced presence in the truckload sector outside Quebec, where we are already well established”, said Alain Bdard, President and CEO of TransForce. “As part of the TransForce group of companies, Highland Transport will continue to be independently managed by its current president Norm Sneyd and his team. They have a long record of delivering strong revenues and consistent profitability and we are confident they will continue to create value for TransForce and its unitholders.”
Founded in 1967, Highland Transport has facilities in Toronto, Montreal, Vancouver and Moncton, New Brunswick, and operates in nine provinces across Canada and in key regions of the United States. In its latest fiscal year, its revenues were $125 million.
The addition of Highland continues a pattern for TransForce of adding autonomous companies to build a Canada- wide transportation company with a mix of revenue sources and critical density in targeted markets.”
“We are focused on disciplined and profitable growth.”Bedard said.
With the acquisition of Highland Transport, TransForce has announced five acquisitions to date in 2004.
The Fund reported revenues of $754 million for the year ended December 31, 2003 and $503 million for the first six months, ended June 30, 2004. It currently pays a monthly distribution of $0.0975 per Trust Unit.
TransForce’s wholly-owned subsidiaries operate in four business segments: Less Than Truckload and Parcel Delivery, Truckload, Specialized Truckload and Specialized Services, which includes logistics and fleet management, customs brokerage and bonded warehousing.
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