TransForce Closes Deal on Texas-based Express Courier
MONTREAL — TransForce completed the acquisition of all the shares of Texas-based Velocity Express and its subsidiaries. The transaction is expected to generate annual revenues of approximately $160 million.
The "asset-light" acquisition, said Alain Bédard, chairman, president and CEO of TransForce, "enhances TransForce’s density and capabilities in the same-day North American package and courier market. We expect the transaction to provide a sound return on investment to the benefit of our shareholders.”
Velocity, which provides customized, same-day regional delivery, has more than 80 locations across the U.S. and Western Canada, and 2,600 staff and independent contractors.
Bedard welcomed the employees to TransForce, adding "The combination of our skills and know-how creates a more powerful service offering in this market niche."