TransForce Announces Acquisition of I.E. Miller Services, Inc.
Montreal, November 11 2011 –TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, is pleased to announce its wholly-owned subsidiary, TFI Holdings USA, Inc., has reached an agreement to acquire all the shares of I.E. Miller Services, Inc. ("IE Miller"), a leading North American provider of rig relocation services, including disassembly, transportation and reassembly of oil and gas drilling rigs.
Founded in 1936, IE Miller is a subsidiary of Complete Production Services, Inc. (NYSE: CPX). It operates eight terminals strategically located in close proximity with key North American basins in Texas, Louisiana, Oklahoma, Colorado, and North Dakota.
IE Miller has approximately 400 employees and operates one of the largest and most diverse fleets of rig relocation equipment in the United States, mostly specialized in high-end, high horsepower rig movements. It also services a well-diversified base of leading oil and gas producers as well as drilling companies. The transaction will add annual revenues of approximately US$138 million. The transaction is expected to close in the fourth quarter of 2011.
"This latest transaction is an excellent strategic fit for TransForce and underlines our disciplined and selective approach to acquisitions. Their established national U.S. footprint creates significant opportunities to provide high value-added rig relocation services to new and existing customers. In addition, the transaction further allows the reinforcement of our oilfield services management team and presence in the energy services sector," commented Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.