Canadian transportation firm TransForce Inc. said it has agreed to buy the two freight transportation subsidiaries of Clarke Inc., a Canadian holding company.
The subsidiaries include a less-than-truckload carrier and a truckload fleet, the companies said in Oct. 31 statements. The purchase price is C$88 million, and the transaction is subject to regulatory approval.
“This acquisition will further enhance our density in the Canadian LTL and TL markets,” TransForce Chairman and CEO Alain Bédard said in a statement. “The Clarke brand name is well recognized in the transportation and logistics industry, and we are pleased to acquire entities known for their efficiency.”
Dean Cull, president of Clarke’s trucking businesses, will stay with the companies as they move to TransForce. The sale is expected to close this year, according to TransForce.
“This is a bittersweet moment for Clarke as we have enjoyed working with Dean Cull and his entire team in the freight transportation business over the last decade,” Clarke CEO George Armoyan said. “The sale of Clarke’s freight transportation business provides the company with good value and helps unlock the significant shareholder value that exists at Clarke, which has not been recognized by the capital markets.”