COMPETITION WATCH: Transforce to acquire Porter Trucking
MONTREAL, Que. — TransForce Income Fund has signed a letter of intent to acquire Porter Trucking in Calgary, Alberta.
The agreement is subject to customary closing conditions and is expected to close on February 15, 2005.
Porter Trucking has operated as a Less-Than-TruckLoad and TruckLoad carrier in Western Canada since 1963. Servicing all western Canadian centers with 10 terminals in Canada, Porter generates approximately $33 million in revenue on an annual basis.
“Porter Trucking has been a long-standing partner of our TST Overland Express Division, providing TST with seamless service throughout western Canada,” said Alain Bdard, President and CEO of TransForce. “We are pleased to include Porter in the TransForce group of companies. Its addition will strengthen the relationship between Porter and TST and expand our presence in Western Canada.”
Porter Trucking will support TST in the ExpressLink partnership, the North American network that serves the 50 American states and 10 Canadian provinces, expanding TransForce’s ability to service all North American markets, said Mr. Bdard.
Bedard added the purchase is consistent with TransForce’s strategy of adding well-managed companies. He said Porter has strong leadership under President Michael Kits who will continue to manage the company following the acquisition.
Kits will report to Gary King, President of TST Solutions L.P. King was appointed President of TST Solutions L.P. at the beginning of the year and has direct responsibility for a group of TransForce companies comprising Kingsway, Select, Daily, TST Expedited Services, TST Air, TST Automotive Services, TST Truckload Express, TST Load Brokerage Services, and TST Overland Express.
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