TFI International (NYSE:TFII) has signed an agreement to acquire APPS Transport Group, a Canadian less-than-truckload (LTL) and intermodal carrier based near Toronto, the company said on Friday.
The acquisition will help bolster TFI’s lagging Canadian LTL business. APPS Transport has annual revenue of about $76 million (CA$100 million), with about 70 company drivers and more than 80 independent contractors.
It also suggests TFI is carrying on business as usual after a ransomware attack hit its four parcel and courier subsidiaries, including Canpar Express. On Monday, a hacking group leaked files apparently stolen from Canpar.
An acquisition of a Canadian LTL carrier seemed all but certain following comments by CEO Alain Bedard to financial analysts in July after the company reported second-quarter financial results. The APPS acquisition will effectively bolster TFI’s existing LTL footprint.
“In particular, the APPS operational network should provide an excellent strategic fit with our current operating regions, providing ample opportunity to further enhance customer service,” Bedard said in a statement accompanying the acquisition announcement.
It also came less than two weeks after TFI raised $219 million in a share offering. The company said the funds could help fuel future acquisitions.
Montreal-based TFI, Canada’s largest trucking company, has made four acquisitions since June.
Click for more FreightWaves articles by Nate Tabak
Files from Canpar leak after ransomware attack
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
Future of Rail Symposium
Reshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowReshoring is rewriting freight demand. Join shippers, rail executives, and government officials to shape the next decade.
The Signal at Chattanooga Choo Choo • Chattanooga TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now