Transport Topics Online
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
10/17/2012 8:00:00 AM Write a Letter to the Editor Write a letter to the Editor

C.H. Robinson Sells T-Chek for $300 Million

C.H. Robinson Worldwide said late Tuesday it has sold its payment services business, T-Chek Systems, to Electronic Funds Source for $302.5 million in cash.

T-Chek, which has been a subsidiary of C.H. Robinson since 1984, had annual payment services net revenue of $49.3 million and operating income of $24.6 million in 2011.

T-Chek is a business-to-business provider of spending management and payment processing services. Its technology supports a variety of funds transfer, vendor payment, fuel purchasing and online expense management tools.

Historically, T-Chek has focused on the transportation industry with its major customer segments including the truckload less-than-truckload, and private fleet industries, and truck-stop chains.

“T-Chek is a high-quality company with strong customer relationships, very good technology and talented, dedicated employees,” said Scott Phillips, CEO of EFS.

“The acquisition will . . . add a successful business and outstanding team to our portfolio. We look forward to welcoming the business and its employees into the EFS organization,” Phillips said in a statement.

T-Chek has 190 employees, most of whom are based in Minnesota. EFS expects to retain a Minnesota presence, and T-Chek’s management will assume key roles in the combined organization, the companies said.

 

C.H. Robinson ranks No. 6 on the Transport Topics Top 50 list of the largest logistics companies in the United States, Canada and Mexico.

By Transport Topics

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

© 2012, Transport Topics Publishing Group. All rights reserved.


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising




© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement