MONTREAL, Que. — Just one day after Truck News reported TransForce Inc., would soon announce the acquisition of Tri-Line from failing TCT Logistics, it has happened.
The Montreal-based fleet behemoth says it has reached an agreement in principle to acquire selected assets of Tri-Line Logistics Division (freight brokerage), a division of Tri-Line Expressways Ltd., which is a subsidiary of TCT Logistics Inc.
The purchase is being made from KPMG Inc., acting in its capacity as interim receiver of Tri-Line Expressways Ltd., and is subject to Ontario court approval to be submitted to the Ontario Superior Court.
“This acquisition will reinforce our presence in the market and is consistent with our strategic growth objectives,” states Alain Bedard, TransForce’s president and chief executive officer. It is expected the transaction will result in additional revenues of more than $25 million on an annual basis for TransForce.
This new division of TransForce will operate under the name Trans4 Logistics. Denise Cardy, will serve as president, and along with her team, will oversee Trans4 Logistics’ operations from its location in Mississauga, Ont.
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