TFI International (NYSE:TFII) raised nearly $219 million in its newly closed share offering, positioning the transportation and logistics company to aggressively pursue acquisitions in the United States and Canada.
TFI announced the closing of the share offering on Monday, saying it issued over 5 million shares of common stock. It included more than 600,000 shares to offering’s underwriters, who fully exercised their purchase option.
The Montreal-based company said it will use the proceeds it raised as working capital and to pay down a credit facility. The credit facility could be used for future acquisitions, TFI said in a statement.
TFI announced the share offering last Tuesday. The company subsequently expanded it by 10% on Wednesday.
The company has continued to pursue acquisitions even while experiencing a steep slowdown from the COVID-19 pandemic.
TFI has made four acquisitions since June, including two from bankrupt U.S. trucking firm Comcar: CT Transportation and MC Transport. TFI also made two smaller Canadian acquisitions, Gusgo and Keith Hall & Sons.
CEO Alain Bedard signaled to financial analysts in July that the company has an interest in acquiring a Canadian less-than-truckload carrier. Canadian LTL struggled during the second quarter, with revenue dropping about 25%.
TFI is Canada’s largest transportation and logistics company. It has an extensive portfolio of operating companies in Canada, the U.S. and Mexico.