Canadian transportation and logistics company GTI Transport Solutions announced Thursday the acquisition of container transport provider Foxconn Logistics.
Based in Spring Hill, Tennessee, Foxconn is an asset-light brokerage specializing in container management and drayage at U.S. ports. The company’s drayage network has relationships with rail ramps and container shipping lines as well as access to a network of 30,000 carriers, to facilitate the shipment of ocean, rail and road freight.
The transaction is expected to bolster GTI’s value-added offering, which focuses on the freight corridor between Montreal and Texas.
Terms of the deal were not disclosed.
“The intricacies of container and transportation management can be complex for our clients,” Kent Jordan, president of GTI USA, stated in a press release. “Foxconn’s integration into GTI USA enhances our managed transportation services offering and provides increased value to customers.”
GTI USA is the freight management and brokerage arm of the GTI Group.
GTI also provides specialized warehousing and freight forwarding, in addition to shipping specialized-flatbed, heavy-haul, high-value and over-dimensional freight.
“This partnership will allow GTI to complement the current service offering to Foxconn’s customers,” Richard Lafreniere, GTI president and CEO, said. “Similarly, GTI’s customers will benefit from Foxconn’s expertise in container transportation, which can be greatly leveraged in the current environment.”
This was the fourth acquisition in as many years for GTI, which is backed by Canadian private equity firm Novacap.
“By becoming part of GTI USA, we will have additional resources to support our teams who have established deep relationships with our customers,” said Vincent Burch, Foxconn co-founder. “Today, we can quickly gain a larger share of wallet by offering a complete value-added solution for all their freight and logistics needs.”
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