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Complementary, High-Quality Intermodal and Logistics Provider Serving Fortune 100 Customer Base
| Source: TFI International Inc.
MONTREAL, Feb. 21, 2023 (GLOBE NEWSWIRE) — TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the acquisition of Axsun Group (“Axsun”), a North American provider of intermodal and freight brokerage services. Based in Montreal, Axsun operates out of multiple locations across Canada and the US, providing an integrated mix of intermodal services as well as over-the-road highway, drayage, logistics and warehousing on a primarily asset light basis.
Founded and led by President and CEO Steve Ramescu, Axsun operates a small fleet of approximately 20 tractors and 300 trailers, generating annualized revenues of approximately CAD$90 million. Mr. Ramescu will continue to run the business as part of TFI International’s Logistics segment, reporting to TFI Senior Executive Vice-President Steven Brookshaw. Terms of the transaction were not disclosed.
“Axsun is very well-managed and rapidly growing under Steve Ramescu’s leadership, using an asset-light and technologically sophisticated approach to serve a demanding Fortune 100 customer base. These impressive characteristics make Axsun a strong strategic fit for TFI International in terms of both culture and operating philosophy,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “Axsun’s existing business will prove complementary to our service offerings in both Canada and the US, with many of our customers increasingly looking toward intermodal as a solution for their freight movement requirements. We look forward to Axsun’s contributions to our continued growth and emphasis on service quality under the TFI International umbrella, and extend our warmest welcome to Steve and his impressive team.”
The full release can be found here.