Dive Brief:
- TFI International acquired Groupe CRS Express, a Canada-based flatbed and heavy-haul carrier, further bolstering its truckload unit ahead of a spinoff anticipated next year, TFI announced on LinkedIn last week.
- The acquisition brings the group’s three subsidiaries, CRS Express, Transport Express Beauce and CRS Express Logistics, under the TFI banner. Terms were not disclosed.
- Groupe CRS Express has more than 70 employees and two transit yards in addition to its offices in Saint-Georges, Quebec, according to its website.
Dive Insight:
The acquisition is the latest in a series of relatively small tuck-ins by TFI as it seeks to further scale Daseke and its other truckload holdings before spinning them off, likely in 2025.
TFI is taking advantage of a persistently long downturn in freight rates to scoop up specialty carriers in Canada and the U.S. that will add value to each company after the spinoff.
Its pickups since the start of the year include Canada-based food tanker Entreposage Marco and Hercules Forwarding, a Canada-based cross-border LTL carrier.
Outside of smaller tuck-ins such as these, TFI has said it does not anticipate another major M&A deal this year as it continues to integrate its Daseke acquisition announced in December.
That integration has included slashing Daseke head office costs by $12 million and hiring former Bulldog Hiway Express President and CEO Phil Byrd for a government lobbying job.
