Canada Cartage Corp. will buy GTI Group for an undisclosed sum, the company said.
The deal would give Mississauga, Ontario-based Canada Cartage its first foothold in the U.S. in the company’s 110-year history.
Canada Cartage ranks No. 65 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. Canada Cartage had 2,519 tractors and 3,402 trailers as of the end of 2022, according to TT data.
The company also ranks No. 31 on TT’s list of the largest flatbed/heavy specialized carriers in North America and No. 80 on the TT logistics Top 100 list.
GTI offers brokerage, transportation management, freight forwarding, drayage, intermodal, warehousing and specialty trucking services for oversize and heavy haul freight services.
Buying GTI is Canada Cartage’s second deal so far in 2023. The company bought Whitby, Ontario-based refrigerated food and beverage specialist Cam-Scott Transport Ltd. in July.
Canada Cartage Expands Into U.S. Market with Strategic Acquisition of The GTI Group. Read more at https://t.co/ByN1qgD3p3 pic.twitter.com/paBc87iART
— Canada Cartage (@CanadaCartage) November 29, 2023
Following the deal’s closure, Canada Cartage expects its annual revenues to top C$1 billion ($740 million). Privately owned Canada Cartage does not release quarterly earnings.
Canada Cartage said the acquisition would “significantly increase its scale in services such as freight management, freight brokerage, and specialized freight hauling.”
GTI ranks No. 81 on the TT top freight brokerage firms list.
Montreal-based GTI has its main U.S. offices in Houston; Des Moines, Iowa; and Franklin, Tenn.
“We are extremely excited to be joining forces with the GTI Group,” Canada Cartage CEO Jeff Lindsay said. “Like us, GTI has grown significantly over the past few years and has a portfolio of complementary service offerings that build upon Canada Cartage’s solution lineup and also adds some new, complementary services to ours.
“We have been looking for an opportunity to enter the U.S. market for several years, but have been waiting for the right acquisition to do so. The management team at GTI have built a service offering and platform that prioritizes the customer the same way we do at Canada Cartage, and we are confident this is the right team for us to partner with to build and expand our North American presence.”
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Publish date : 2023-12-04 03:00:00
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