TransForce grows oil service assets with fleet buy
MONTREAL — The feds’ annoucemnet to change the tax rules on income trusts hasn’t put a roadblock in TransForce’s acquisition streak.
TransForce Income Fund, Canada’s largest for-hire carrier group, says it’s signed a share purchase agreement to buy all outstanding shares of Calgary-based Westfreight Systems Inc. and its Houston, Tex. division, Westfreight Holdings (U.S.A.) Inc — a move that will complement the company’s growing western operations.
fits nicely under the TransForce umbrella
Lance Griffin, founder and president of Westfreight Systems Inc., will continue to lead the company along with his entire team.
Westfreight is a specialized over-dimensional and heavy haul provider, with complimentary LTL and TL van and flatbed service. With a focus on serving the oil and gas industry, primary service lanes are between Alberta and the Texas and Oklahoma regions.
The company was formed by Griffin with one tractor-trailer unit and has grown today to 120 power units. Incorporated in 1989, the fleet moves a variety of heavy and related oilfield equipment, and generates annual revenues of about $47 million.
“The acquisition of Westfreight compliments our current capabilities at UTL Transportation Services in the heavy-haul and full load segment of the energy sector as well as complimenting the cross-border LTL service provided to the energy sector by (TransForce subsidiary) Canadian Freightways” said Alain Bédard, TransForce chairman, president and CEO. “With the reputation and fleet resources of Westfreight, we will have an even greater capability to provide service to energy companies and in particular their project and facility upgrade initiatives.”
The acquisition is subject to customary conditions and approvals, and is expected to close by early January 2007.
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