TransForce Inc. completed the acquisition of Clarke Transport, Inc. and Clarke Road Transport Inc. from Clarke Inc. for approximately CAD 100 million.
January 01, 2014 at 09:30 am IST
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TransForce Inc. (TSX:TFI) entered into a definitive agreement to acquire Clarke Transport, Inc. and Clarke Road Transport Inc. from Clarke Inc. (TSX:CKI) for an enterprise value of CAD 88 million on October 31, 2013. The purchase price is subject to a working capital adjustment and will be satisfied in cash on closing. The transaction is conditional on, among other things, receipt of approval under the Competition Act and the Canada Transportation Act. The transaction is expected to close before the end of 2013.
Clarke expects to use the use sale proceeds for general corporate purposes, redeeming all or part of Clarke's convertible unsecured debentures, funding additional investment opportunities or funding a special dividend to shareholders. Following the transaction, Clarke will continue to own its Commercial Tanks and Home Heating segment, its Investment segment and the ferry and container shipping units within its current Freight segment. As on December 20, 2013, TransForce informed that all conditions required to proceed with the acquisition of all the shares of Clarke Transport Inc. and of Clarke Road Transport Inc have been satisfied. The deal is expected to close on January 1, 2014. Rick Leckner of MaisonBrison Communications acted as public relation advisor to TransForce.
TransForce Inc. (TSX:TFI) completed the acquisition of Clarke Transport, Inc. and Clarke Road Transport Inc. from Clarke Inc. (TSX:CKI) for approximately CAD 100 million on January 1, 2014. The consideration paid was CAD 99.5 million, which included CAD 38.8 million of debt repayment. Prior to the transaction Clarke continues to own its Commercial Tanks and Home Heating segment, its Investment segment and the ferry and container shipping units within its current Freight Transportation segment.
TFI International Inc. is a transportation and logistics company, operating across the United States and Canada through its subsidiaries. The Company's segments include Package and Courier, Less-Than-Truckload, Less-Than-Truckload, and Logistics. The Package and Courier segment is engaged in pickup, transport, and delivery of items across North America. The Less-Than-Truckload segment is engaged in pickup, consolidation, transport, and delivery of smaller loads. The Truckload segment is a provider of conventional and specialized truckload services, including flatbed, tanks, dumps, and oversized. It offers specialized trailers, and a million-plus square feet of industrial warehousing space. The Logistics segment provides asset-light logistics services, including brokerage, freight forwarding and transportation management, as well as small package parcel delivery. The Company also specializes in hauling compostable and recyclable materials and in residential waste management.
TFI INTERNATIONAL INC. 
