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TFI expands portfolio in Grammer Dry Bulk deal

Canadian company’s latest acquisition operates throughout US Southeast

Canadian transportation and logistics company TFI International (NYSE: TFII) continues to build out its portfolio, this time adding another bulk carrier to the mix. In a Monday press release, the Montreal-based company announced the acquisition of Grammer Logistics’ dry bulk business. 

A nearly 30-year-old entity, Grammer Dry Bulk was part of Sterling Transport, which was acquired by Grammer in 2019. The dry bulk unit hauls commodities like cement, sand, fly ash, salt and lime, generating approximately $12 million in annual revenue.

Terms of the transaction were not disclosed.

“As another step in the expansion of our U.S. specialty truckload operations, we are pleased to bring aboard Grammer’s dry bulk team and their operating assets,” said TFI Chairman, President and CEO Alain Bedard.

Grammer Dry Bulk operates a fleet of more than 90 tractors and 150 tank trailers with approximately 100 company drivers throughout the U.S. Southeast. The segment will be rolled into TFI operating company BTC East, which reports up through the company’s truckload segment.

“Their Southeast focus and valued customer base is a strong strategic fit with our BTC East operating company as well as our assets acquired last month from CCC Transportation, and we look forward to supporting the team’s continued growth under the TFI International umbrella,” Bedard continued.

TFI’s acquisition activity has been robust recently. Last month, the company acquired U.S. third-party logistics provider DLS Worldwide in a $225 million deal and its third operating unit of bankrupt Comcar’s four primary trucking segments. In August, TFI acquired Canadian less-than-truckload and intermodal carrier APPS Transport Group.

TFI also replenished the coffers in August through a $219 million equity raise, which was undertaken to pursue future deals.

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The FREIGHTWAVES TOP 500 For-Hire Carriers list includes U.S. Xpress (No. 13) and Grammer Logistics (No. 201).

Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.