BOLTON, Ontario, Canada — Titanium Transportation Group Inc. has acquired the assets and equipment of Crane Transport of Oakwood, Georgia.
According to a news release, the deal totals $53 million, comprising of cash, a vendor takeback loan and assumption of net debt.
Titanium also purchased all real estate related to Crane’s operations, including the head office terminal in Georgia, and its satellite terminal in Alabama, for an additional consideration of $6 million, the news release noted.
Titanium officials say they have funds to close the transaction and will not require additional financing.
Founded in 2001, Crane Transport is a family-owned and operated business specializing in Full Truckload interstate freight transportation services. Crane generates approximately $60 million in annualized revenue and operates approximately 200 trucks.
“Today’s announcement is further evidence of Titanium executing on its strategic plan and continuing to build a strong foundation for future growth in North America,” said Titanium CEO Ted Daniel. “The addition of Crane Transport’s full truckload business is highly synergistic within our existing network, immediately adding capacity and valuable new customer relationships. The acquisition will allow us to expand our presence across the United States through our new strategically located terminals in Georgia and Alabama, expanding our service offerings and enabling us to offer a wide range of services including end-to-end supply chain and freight management solutions to our existing customers.”
Daniel added that “With the addition of Crane Transport, we see multiple near-term opportunities to enhance profitability, as well as longer-term opportunities to optimize equipment and technology towards continued growth and shareholder value creation. Crane Transport is an excellent fit for us, from a strategic and cultural point of view and I would like to welcome the Crane team into the Titanium family.”
Key transaction highlights
- Titanium’s first U.S.-based asset acquisition.
- Expands Titanium’s current presence in Georgia and adds Alabama to its growing U.S. footprint, positioning the company to enhance its service offerings with Titanium branded trucks in a major U.S. transportation hub.
- Titanium will own the real estate of both terminals, with each being 11 acres.
- The acquisition is expected to be accretive after integration, which management expects to be completed in approximately twelve months.
- This acquisition continues to expand Titanium’s presence in the US southeast’s freight alley, which includes North Carolina, South Carolina, Tennessee, Georgia and Alabama, where a significant portion of this region’s economy is driven by transportation related activities.
Danny Crane, founder and CEO of Crane Transport, said he is “pleased to have the Crane team join the Titanium family. I feel the business and culture of Titanium is a perfect fit for our group moving forward. I am confident that Titanium’s strong platform and growth strategy will be a perfect fit for Crane. Their focus on innovation and technology, as well as culture will provide opportunities of growth for our employees, while continuing to deliver reliable service to customers, every mile of the way.”