TransForce Announces Acquisition of Quik X Transportation
Montreal, Quebec, November 1, 2011 – TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced it has entered into an agreement to acquire all the shares of Quik X Transportation Inc. and Quik X Transportation (U.S.) Inc. ("Quik X"), a leading provider of transportation and logistics services, mainly in the expedited LTL market segment.
Headquartered in Mississauga, Ontario, Quik X has a network of 17 centers across Canada and the U.S., more than 600 employees and agreements with approximately 325 independent contractors. Founded in 1990, Quik X has a solid reputation in the time sensitive freight transportation market and is highly recognized for providing customers with superior information technology capabilities through its proprietary software. Quik X is an asset-light company with annual revenues of approximately $200 million. The transaction is expected to close near the end of this year.
"Quik X is well known for providing high-quality service through leading-edge technology. It also meets our corporate objective of an asset-light business model, while further enhancing our density in the niche expedited LTL market. More importantly, the transaction will be immediately accretive to TransForce earnings and should provide a solid return on our investment for shareholders, as we remain committed to our disciplined industry consolidation strategy," said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.