WOODBRIDGE, Ont. — Titanium Transportation Group announced today that it has entered into an agreement to acquire assets fromTregaskiss Investment Group for aggregate consideration of $6.3 million.
The transaction will include the acquisition of the 31,560 square foot Windsor Terminal and approximately six acres of parking within ten kilometres of the Windsor-Detroit border and 19 Volvo power units and 59 trailers.
Titanium said the acquisition will give the company significant growth potential at Canada’s busiest land border crossing.
“Titanium has a proven track record of acquiring transportation assets and maximizing profitability by implementing its leading edge technology,” said Ted Daniel, CEO of Titanium. “The acquisition of the Windsor Terminal creates a strategic presence for Titanium at the Windsor-Detroit border crossing and a platform for growth in the region. The new terminal will also allow for significant cross-selling to Titanium’s existing customer base.”
According to the terms of agreements, the Windsor Terminal is being acquired for cash consideration of $3.4 million. The transaction is expected to close on or about June 10, 2016. Titanium has also agreed to purchase 19 Volvo power units, 59 trailers and furniture and equipment for aggregate consideration of $2.9 million. The consideration paid is expected to be comprised of a payment of $0.9 million in cash and the issuance of $2 million of the Titanium’s common shares to the vendor. The acquisition of the assets is expected to close on or about June 14, 2016.