With operations in the U.S. and Canada, Seaboard Transport specializes in bulk truckloads. In recent years, the company has added rail terminal transload services and options for bulk storage of dry and liquid products.
Armour operates 24 terminals and owns more than 4,000 pieces of equipment. Affiliated companies include Armour Courier Services, Armour Logistics Services, Diamond’s Transfer Ltd., Hillman’s Transfer Ltd., Pole Star Transport, RJS Terminals, Triple B Trucking and Way’s Transport Ltd.
Following the acquisition, Armour’s assets will continue to operate under the Armour name, and the bulk of its operations will remain at its headquarters in Moncton, New Brunswick, Seaboard Transport said.
“We have shared Canada’s roadways for 50 years. We have come to admire and appreciate the Armour family’s work ethic and reputation. We look forward to continuing their tradition of excellence as a member of the Seaboard Group,” said Joe Shannon, Seaboard Transport owner. Both companies are family-owned.
The deal is subject to typical closing conditions and regulatory approval. Serving as adviser to the transaction is CIBC Capital Markets.
“Like us, the Seaboard group is a private, family-owned company with roots in Atlantic Canada. Seaboard has similar exceptional values and a corporate culture that makes me very comfortable about the future of the Armour company and our dedicated employees,” said Armour President and CEO Wes Armour.
This sale is just the latest in a string of acquisitions within the Canadian trucking industry since the start of 2021. The largest of these deals is TFI International’s (NYSE: TFII) $800 million agreement to buy UPS Freight.
Also this year, cross-border carrier XTL announced its first acquisition in history, buying Quebec temperature-controlled trucking firm Transport Savoie, while Titanium Transportation Group announced it had acquired International Truckload Services, nearly doubling its size.
FreightWaves Border and North America Correspondent Nate Tabak contributed to this report.