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PRESS RELEASE
Acquisitions in Both Canada and the US Further Expand North American LTL Presence
MONTREAL, May 01, 2023 (GLOBE NEWSWIRE) — TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced it has agreed to acquire Siemens Transportation Group (“STG”), and has completed the acquisition of Hot Line Freight Systems (“Hot Line”). Terms of the transactions were not disclosed.
Founded in 1962, the majority of STG’s operations are LTL (Less-Than-Truckload), with a smaller portion of its business in truckload and flatbed. Based in Saskatoon, Saskatchewan, STG is a family-owned business providing a total supply chain solution spanning North America through its 15 terminals, including 11 in Canada and 4 in the US, generating annual revenues of approximately C$150 million. STG’s Doug Siemens will continue to manage the business as part of TFI’s Less-Than-Truckload segment, reporting to Executive Vice-President Chris Traikos. The transaction is subject to regulatory approval.
Founded in 1988, Hot Line is a specialized LTL provider based in Wisconsin. The company’s nearly 200 employees operate a network of 14 terminals (8 of which are owned), generating approximately US$30 million in annual revenues. With a strong focus on expedited one- to two-day LTL service across the Midwest as well as a nationwide over-the-road division concentrating on high-value and white glove freight, Hot Line is renowned for its exceptional customer service. Hot Line’s Paul Burgmeier will continue to manage the business as part of TFI’s Less-Than-Truckload segment, reporting to Executive Vice-President Rick Hashie.
“We are pleased to be expanding our LTL footprint in both Canada and the US with these two LTL acquisitions,” said Alain Bédard, Chairman, President, and Chief Executive Officer of TFI International. “STG’s impressive family-run approach has attracted a loyal customer base across diverse industries, and its compelling geographic presence and well-maintained equipment strategically complement our growing network. Hot Line is another highly attractive acquisition with well-run operations and a strong presence in the midwestern US that will further bolster our LTL presence while allowing us to ramp its cross-border business. We are thrilled to welcome Doug, Paul and their impressive teams to our growing family of companies and look forward to watching both STG and Hot Line succeed under the TFI International umbrella.”
The full release is here.
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