TFI International (NYSE:TFII) said on Thursday that it completed its acquisition of Gusgo Transport, a small Canadian trucking company specializing in hauling and storing containers.
TFI, Canada’s largest transportation and logistics company, announced the deal on June 12.
Gusgo has a fleet of four company trucks and 48 owner-operators and storage for up to 6,000 containers in near Toronto. The carrier operates in a 500-mile radius of Toronto, serving Ontario and Quebec in Canada, and Michigan, New York, Ohio and Pennsylvania.
“With its 50-year history of providing superior, reliable service, Gusgo is a superb cultural fit with TFI’s customer-centric approach,” TFI CEO Alain Bedard said in a statement on June 12. “Operationally, we see numerous synergies across our combined real estate footprint, as well as for our equipment sales, purchases and overall utilization.”
The acquisition expands TFI’s truckload division. It includes Gusgo’s Seatainer Transport and Seatainer Terminals.
TFI, Canada’s largest transportation and logistics company, did not disclose the price it paid for Gusgo Transport.
First acquisition since R.R. Donnelley
TFI, based in Montreal, reported in April that it earned C$75.8 million in net income in the first quarter of 2020. The company also moved to temporarily lay off 1,600 employees because of COVID-19.
Bedard told analysts that the company has put larger deals on hold because of COVID-19. But also said he expects the company to emerge stronger from it and set a high bar for the current quarter.
“We’re not going to lose money in the second quarter, that’s for sure,” Bedard said in April.
TFI acquired the courier services business of R.R. Donnelley & Sons Co. in March. It followed February’s U.S. initial public offering, which raised $230 million that the company said would help it pursue acquisitions.
TFI International is Canada’s largest transportation and logistics company. It has more than 16,000 employees across North America, and nearly 10,000 owner-operators.
