TransForce Inc. Announces Completion of I.E. Miller Services, Inc. Acquisition
Montreal, Quebec, November 30, 2011 –TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced that, through a wholly-owned subsidiary, it has completed the acquisition of 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
Founded in 1936, IE Miller 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.
IE Miller will add annual revenues of approximately US$138 million and the acquisition is expected to be accretive to TransForce's 2012 earnings.
"This acquisition further leverages TransForce's presence and know-how in the North American energy services sector. IE Miller's high value-added services significantly enhance our offering to existing and prospective customers. Its solid reputation, established national U.S. footprint, diversified blue-chip customer base and the quality of its dedicated employees are also key elements which will allow this strategic addition to create further shareholder value," commented Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.