BOLTON, ON – Titanium Transportation Group has acquired Xpress Group, a van and flatbed carrier based near Windsor, Ontario.
The deal is worth $3.1 million in cash, $420,000 in common shares, and the assumption of about $5.2 million in debt.
“This is exactly the type of acquisition we have been waiting for,” said Ted Daniel, Chief Executive Officer of Titanium. We expect to be able to achieve significant synergies between Titanium and Xpress. In addition, Xpress’ customer base complements the cross-border, full truckload division that we have focused on growing.”
Xpress was founded more than 30 years ago by Dave Tracey, and added its van division in 2008. Its customer base reaches from southern Ontario to the U.S. Midwest.
“In my view, the acquisition represents the best path forward for Xpress, to continue to add value to what we built from the ground up,” said Tracey.
Titanium funded the acquisition through its operating line. Pro-forma, annual revenue is expected to increase 12% to $140 million and EBITDA is expected to increase 15% to $15 million. The purchase price is subject to working capital adjustments.
Titanium has about 450 power units, 1,500 trailers and 550 employees and owner-operators. It offers truckload, dedicated contract, and cross-border services, in addition to logistics, warehousing and distribution. It has acquired 10 asset-based trucking companies since 2011.
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