TFI International (NYSE:TFII) has acquired CCC Transportation in the Canadian trucking and logistics firm’s third purchase from bankrupt Comcar Industries.
TFI announced the deal Wednesday, saying it paid $6.8 million for Florida-based CCC. Details of the acquisition emerged last week in court filings from Comcar’s Chapter 11 bankruptcy.
CCC has a fleet of nearly 100 tractors with about 80 drivers, providing cement hauling in addition to a mix of dry van, intermodal and dedicated services in the southeastern U.S.
The deal expands the footprint of TFI’s growing U.S. specialized truckload business. It also includes real estate, though the company did not reveal details.
TFI CEO Alain Bedard noted that “CCC fits nicely” with the company’s existing cement hauling business through its Bulk Transport Company (BTC) subsidiary.
CCC generates about $10 million in annual revenue, TFI said.
The U.S. acquisition comes less than two weeks after Montreal-based TFI announced that it will buy Canadian less-than-truckload carrier Apps Transport.
TFI in strong position for M&A after raising $450 in 2020
TFI is putting its money to work after raising nearly $219 million in a share offering in August. It came six months after the company brought in $239 million in its U.S. initial public offering in February.
The nearly $450 million raised in 2020 leaves TFI in a strong position to aggressively pursue acquisitions throughout North America.
In August, a ransomware attack targeted TFI’s package and courier subsidiaries in Canada, including Canpar Express.
TFI is Canada’s largest trucking and logistics company. It has an extensive U.S. business, accounting for over 40% of revenue.
TFI has a fleet of nearly 7,500 tractors and nearly 2,000 owner-operators.