TransForce Inc. said Thursday it has entered into an agreement to acquire Velocity Express and its subsidiaries. No terms were disclosed.
TransForce, Montreal, said it expects the deal to close by the end of January and that the acquisition will generate annual revenue of about C$160 million.
Velocity Express, Stafford, Texas, offers same-day regional delivery and has a network of more than 80 locations in the United States and Western Canada.
The acquisition “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,” TransForce President Alain Bédard said in a statement.
TransForce is ranked No. 8 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.