TransForce buys Transport America for $310M
TransForce (No. 8 in the CCJ Top 250) announced June 2 it has entered into an agreement to acquire Transport America for $310 million from Goldner Hawn Johnson & Morrison.
Transport America is a dry van truckload carrier that has 12 terminals, 2,000 staff and independent contractors, 1,500 tractors and 4,400 trailers.
“This acquisition will immediately provide TransForce with a critical mass in the highly-fragmented TL sector in the United States and we stand to benefit from Transport America’s extensive geographic footprint and longstanding relationships with blue chip customers. Transport America is an efficient, well-managed company that generates solid operating margins. We expect this transaction to be immediately accretive to earnings and to provide a sound return on investment to the benefit of our shareholders,” said Alain Bedard, Chairman, President and Chief Executive Officer of TransForce.
The Canadian-based TransForce says it expects Transport America to generate $350 million in revenue each year.