TFI International agrees to $7.2 million purchase of the Atlanta-based express delivery service’s assets, including its Guardian Medical Logistics unit.
Canadian transport and logistics company TFI International has agreed to a $7.2 million purchase of the majority of assets of BeavEx, which filed Monday for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware.
In the agreement, TFI International would acquire the Atlanta-based express delivery service’s assets, including BeavEx’s Guardian Medical Logistics unit, through three of its subsidiaries that provide courier services. The agreement also is subject to better bids.
TFI International intends to integrate all Guardian customers and most BeavEx customers onto its platform and assume the contracts of BeavEx and Guardian independent contractors who serve those customers. The Montreal-based company also intends to hire “a substantial number” of BeavEx and Guardian employees, said Don Van der Wiel, chief restructuring officer, in a BeavEx press release.
“We are confident that this process will result in strong new ownership, and we thank our employees and independent contractors for their continued hard work and commitment to fulfilling the 24/7 needs of our customers,” he said in the press release.
According to a court filing, BeavEx, which has more than 80 facilities in 38 states and the District of Columbia, has had operating losses every year since 2014, totaling at least $23.9 million. Its estimated liabilities are between $50 million and $100 million and its estimated assets are between $10 million and $50 million, per a filing.
The demand for the company’s paper delivery service was reduced due to technological advancements in check screening, Van der Wiel said in a court filing.
TFI International also announced Tuesday its acquisition of Toronto Tank Lines, which operates storage facilities and a fleet of about 75 tank trailers and 45 power units with tank storage operations including 15 insulated and heated tanks.
BeavEx files for bankruptcy, agrees to sell assets
