North American logistics expert, TransForce, has announced the acquisition of US transport business, Velocity Express, and all its subsidiaries.
Headquartered in Stafford, Texas, Velocity operates a network of more than 80 locations across the United States and Western Canada, employing a combined total of approximately 2,600 staff and independent contractors. Velocity is specialised in customised, same-day regional delivery solutions, offering an extended range of services in delivering packages of any size.
“The acquisition of Velocity further enhances TransForce’s density in the same-day North American package and courier market and reflects our disciplined and selective approach in building our network. A trusted provider of customised, sameday regional delivery services in the United States for nearly 20 years, and a well-established player in Western Canada,” said Alain Bédard, Chairman, President and Chief Executive Officer of TransForce.
The transaction is expected to generate annual revenues of approximately $160 million for TransForce and should close by the end of this month. Shares in the Montreal-based company rose the most in almost six months after the deal was announced.