TransForce Inc. Announces Completion of Quik X Transportation Acquisition
Montreal, Quebec, January 05, 2012 - TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced that it has completed the acquisition of 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 be accretive to TransForce’s 2012 earnings.
“This acquisition further enhances TransForce's density and capabilities in the niche expedited LTL market. Quik X is well recognized for its leading-edge technology and highly qualified employees. More importantly, its asset-light business model should provide a solid return on our investment and create additional shareholder value," commented Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.