MONTREAL, Que. — TransForce Income Fund has acquired one company and sold part of another as part of two previously announced transactions.
TransForce has closed its share purchase agreement to acquire Byers Transportation System and its subsidiaries. Headquartered in Edmonton, Alta., Byers Transportation has operated as a less-than-truckload carrier in Western Canada for more than 60 years and generates annual revenues of approximately $70 million. Its 35 branches, including five hub terminals, provide service to more than 1,500 communities in Alberta, British Columbia, Northwest Territories and the Yukon, with partner connections to the US. The addition of Byers continues to strengthen TransForce’s less-than-truckload segment and adds to its presence in Western Canada, company officials say.
The Fund also completed the $31.8 million sale of the non-core, hazardous waste and industrial cleaning operations of its waste management subsidiary Services Matrec, which generated annual revenues of approximately $20 million. Matrec management will remain focused on the company’s larger operations in solid waste management and recycling where it has a competitive advantage and meets TransForce’s strategic criteria for growth, the company said.
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