MONTREAL, Que. — TransForce has announced it has acquired same-day delivery provider Dynamex in a deal worth US$248 million.
That amounts to US$25 per share, which betters a deal agreed to by Dynamex with Greenbriar Equity Group on Oct. 1 worth US$24 per share. Dynamex says it has terminated the original agreement with Greenbriar.
Dynamex is headquartered in Dallas, Texas and employs 1,500 workers in addition to having agreements with 3,700 independent contractors. TransForce chair Alain Bedard says the acquisition will allow TransForce to expand its courier capabilities while also providing an avenue into the US market.
“TransForce is currently a significant player in the package and courier sector in Canada and the acquisition of Dynamex will enhance service to existing customers while proposing a powerful service offering to potential clients, as Dynamex specializes almost exclusively in same-day delivery services, a segment generally not offered by TransForce, and by opening doors to the US markets,” said Bedard, chairman, president and CEO of TransForce. “We believe that the combination of TransForce and Dynamex will yield attractive synergies with our existing divisions and will create value for our shareholders. With our track record of successfully integrating acquisitions, we are ideally positioned to take advantage of every business opportunity between our two companies. TransForce is pleased to welcome Dynamex’s management and employees, who have built Dynamex’s strong brand recognition.”
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