- Transport and logistics company, TFI International (TSX:TFII) has signed an agreement to acquire container and storage company, Gusgo Transport
- The business acquisition will include not only Gusgo, but Seatainer Transport and Seatainer Terminals as well
- Through the transaction, Gusgo and all of its assets will become part of TFI International’s truckload division
- The transaction to acquire Gusgo should be complete before the end of June
- TFI International (TFII) is up 1.26 per cent and is currently trading at $44.09 per share
Transport and logistics company, TFI International (TSX:TFII) has signed an agreement to acquire container and storage company, Gusgo Transport.
Gusgo Transport is a privately held, customs-bonded carrier which operates out of Vaughan in Ontario.
The company provides local and cross-border container transportation in an approximately 500 mile radius around the Greater Toronto Area. This includes delivering dry and temperature-controlled commodities to Ontario, Quebec, New York, Pennsylvania, Ohio, and Michigan.
Gusgo’s assets include over 250 container chassis, four company trucks, and 48 owner operators. The company also boasts a 600-container storage capacity at its Vaughan location.
TFI International’s Chairman, President, and CEO, Alain Bébard, welcomed Gusgo’s team to the TFI International family.
“With its 50-year history of providing superior, reliable service, Gusgo is a superb cultural fit with TFI’s customer-centric approach. Operationally, we see numerous synergies across our combined real estate footprint, as well as for our equipment sales, purchases, and overall utilization.
“In addition, by joining the TFI group of companies, Gusgo will be able to leverage our growing resources across North America to enhance its own growth and profitability. This exciting transaction is another important step in the ongoing expansion of our Specialized Truckload operations.
“We look forward to watching Gusgo’s continued growth under the TFI International umbrella,” he said.
The transaction to acquire Gusgo Transport should be complete by the end of June, 2020. Upon its completion, Gusgo Transport and all of its related assets will become part of TFI International’s Truckload division.
TFI International is up (TFII) 1.26 per cent, and trading for $44.09 per share, as of 11:58am EDT.
