WINDSOR, Ont. – Titanium Transportation Group has announced its
acquisition of Xpress Group, a Windsor-based van and flatbed carrier.
The deal consisted of $3.1 million in cash, $420,000 worth of
Titanium stock, and the assumption of $5.2 million in debt. Titanium CEO
Ted Daniel said the acquisition complements its Windsor terminal.
“This is exactly the type of acquisition we have been waiting for,”
he said. “Backed by our own recent investments in the Windsor terminal
and in BlackBerry Radar, we expect to be able to achieve significant
synergies between Titanium and Xpress. In addition, Xpress’s customer
base complements the cross-border, full-truckload division that we have
focused on growing. We are excited and proud to bring the Xpress team
into the Titanium fold.”
Xpress Group was founded more than 30 years ago by Dave Tracey. Its
customers are based in southern Ontario and the U.S. midwest.
“In my view, the acquisition represents the best path forward for
Xpress, to continue to add value to what we built from the ground up. I
am very excited to now be a part of Titanium’s growth story,” said
Source of article click here : Truck News