TCT Logistics Buys Daily Motor Freight
TCT Logistics bolstered its less-than-truckload operations in Canada with the purchase of Daily Motor Freight of Mississauga, Ontario, for cash and stock valued at $7.2 million in Canadian currency.
TransForce Inc., the parent of Cabano Kingsway Transport, recently purchased STS Solutions of Mississauga, Ontario to solidify its position as Canada’s largest LTL carrier. Vitran Corp. of Toronto also has been active in expanding its LTL business in the United States with the purchase of Quast Transfer in 1999.
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That deal and two previously announced transactions — the purchases of LTL carrier Tri-Line Expressways and assets of truckload carrier Kleyson Transport — were completed July 19 using C$100 million in loans from GMAC Commercial Credit Corp. Canada and C$23 million in subordinated debt sold to the Ontario Teachers’ Pension Plan Board.
The combined annual revenue of TCT, with the addition of all three companies, will approach C$350 million, making it one of the largest trucking companies in Canada with a fleet of 1,300 tractors and 2,600 trailers at 38 facilities in Canada and three in the United States (4-17, p. 6).
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