TFI International announced Tuesday it has acquired intermodal logistics provider Axsun Group.
Montreal-based Axsun specializes in intermodal and brokerage services, operating several offices throughout Canada and the U.S. The company’s asset-light model also provides over-the-road, drayage, warehousing and other logistics services. Its asset-based capabilities include 20 tractors and 300 trailers.
“Axsun’s existing business will prove complementary to our service offerings in both Canada and the US, with many of our customers increasingly looking toward intermodal as a solution for their freight movement requirements,” said TFI (NYSE: TFII) Chairman, President and CEO Alain Bedard in a news release.
Financial terms of the transaction were not provided, but the release said Axsun generates CA$90 million ($66.6 million) annually.
Axsun’s founder, Steve Ramescu, will continue to run the operation, which will become part of TFI’s logistics segment. TFI’s logistics business recorded $1.7 billion in revenue during 2022. In total, the Canadian trucking and logistics conglomerate generated $8.8 billion in revenue last year.
“Axsun is very well-managed and rapidly growing under Steve Ramescu’s leadership, using an asset-light and technologically sophisticated approach to serve a demanding Fortune 100 customer base,” Bedard said. “We look forward to Axsun’s contributions to our continued growth and emphasis on service quality under the TFI International umbrella and extend our warmest welcome to Steve and his impressive team.”
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