TFI to Buy Class 6-8 Truck Transporter JHT
[Stay on top of transportation news: Get TTNews in your inbox.]
TFI International is set to acquire Class 6 to Class 8 truck manufacturer transportation provider JHT Holdings Inc., it said Aug. 7.
Montreal-based TFI, which ranks No. 4 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, expects the deal to close in the third quarter of 2023.
Pleasant Prairie, Wis.-based JHT transports trucks from manufacturing and final assembly plants to dealers and customers. JHT’s operations are asset light. It drives the new trucks to their destination.
JHT’s terminal network comprises 25 facilities in the United States and Canada, eight of which it owns, TFI said. The company has operations in Texas, North Carolina, Ohio, Missouri, Washington, West Virginia and Oregon.
TFI said JHT generated annual revenue in excess of $500 million annually before the deal, noting that JHT’s operating margins are consistent with those of TFI International’s logistics segment.
In the second quarter of 2023, TFI’s logistics unit posted an operating margin of 9.1%, slightly above a margin of 9.0% in the first half of 2023 but slightly below an operating margin of 9.3% in the year-ago period, according to the company’s earnings for the period.
The deal is the first for TFI since the beginning of the second quarter of 2023. The company inked seven deals in the first half of 2023 in the United States and Canada.
“We were immediately impressed by JHT’s well-run operations, its asset light approach and leadership in this differentiated niche market,” TFI CEO Alain Bédard said.
TFI did not provide details on how much it paid to acquire JHT and was not immediately available for comment Aug. 8.
Want more news? Listen to today's daily briefing below or go here for more info:
