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XTL makes its first acquisition as Canada trucking M&A heats up

Toronto-based firm buys Quebec reefer carrier Transport Savoie

Canada's XTL group is planning to make additional acquisitions after buying Quebec-based Transport Savoie. (Photo: XTL)

Canadian cross-border trucking and logistics company XTL Group has purchased Quebec carrier Transport Savoie — the first acquisition in its 36-year history — in a deal that expands its refrigerated transport service. 

Toronto-based XTL announced the acquisition on Friday. It adds nearly 40 power units based near Quebec City, with cross-border service that serves throughout the eastern U.S.

“We’re very proud of the acquisition,” XTL Chief Operating Officer Craig Germain told FreightWaves. “It’s a small start, but it’s a good play for us.”

XTL plans to scale Transport Savoie with its existing 400-truck fleet and asset-light logistics business. It complements an existing business, which has strong exposure to consumer packaged goods.

“Essential goods make up a good part of business,” Germain said. “This allows us to further develop and grow the refrigerated/temperature-controlled segment.”

It builds on an existing presence in Quebec, in the Montreal area, but pushes the carrier deeper into Canada’s second-largest province.

The carrier also doesn’t plan to stop with Transport Savoie. XTL is looking for other acquisitions across Canada — and would consider doing a deal in the U.S., Germain said.

Mergers and acquisitions activity in Canadian trucking and logistics seems to have already reached a fever pitch in 2021. 

A week ago, Titanium Transportation Group announced it had acquired International Truckload Services, nearly doubling its size. In January, TFI International (NYSE: TFII) announced that it will acquire UPS Freight — which came two weeks after industrial and agricultural conglomerate James Richardson & Sons acquired trucking giant Bison Transport.

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Nate Tabak

Nate Tabak is a Toronto-based journalist and producer who covers cybersecurity and cross-border trucking and logistics for FreightWaves. He spent seven years reporting stories in the Balkans and Eastern Europe as a reporter, producer and editor based in Kosovo. He previously worked at newspapers in the San Francisco Bay Area, including the San Jose Mercury News. He graduated from UC Berkeley, where he studied the history of American policing. Contact Nate at [email protected]