TFI International acquired Keystone Western, a Canada-based motorsport logistics specialist with a terminal in Waterloo, Ontario, TFI announced on LinkedIn last week.
The asset-based carrier also has terminals in Vancouver, British Columbia, and Winnipeg, Manitoba. The company offers truckload, LTL, dry van and patented dual-floor motorsport trailers, as well as 3PL and warehousing solutions, according to its website. Terms of the deal were not disclosed.
The acquisition “strengthens our North American network and enhances our service offerings,” TFI said in the announcement.
Along with closing its $1.1 billion deal for Daseke, slashing head office salaries and preparing to spin it off, TFI’s M&A moves this year have included several smaller Canada-based tuck-ins.
Deals this year have brought a variety of Canada-based specialty carriers, including a waste hauler, TL and LTLs, and a cross-border operator, into the freight giant’s portfolio.
The freight giant allocates about $200 million to $300 million per year for small, tuck-in acquisitions, and will continue to do so next year, Chairman, President and CEO Alain Bédard said on a Q3 earnings call.
Bédard has repeatedly emphasized to investors the company’s focus on acquiring specialty trucking firms ahead of a multibillion deal anticipated around the end of next year or 2026.
“If something good shows up in Q1 and in Q2, in our, let's say, logistics sector, maybe some tuck-ins in Canada on the specialty truckload ... we will continue to do that and get ready for something of size,” Bédard said.
Keystone Western, which bills itself as Canada’s leading motorsports logistics specialist, offers comprehensive 3PL services, according to its website. Its trucks haul intra-Canada, intra-U.S. and cross border, and the company also provides freight forwarding, logistics audits, lane costing and carrier optimization.
