Titanium shows its strength.
Titanium Transport Group expands its US footprint.
If a Canadian trucking company has its eyes on acquiring a US based asset, then it needs to be super strong, resilient, and able to work with others. Bring on Titanium Transport Group, ranked by Canadian Business as one of Canada’s Fastest-Growing Companies for twelve consecutive years and in 2020 was recognized by Financial Times as one of America’s Fastest-Growing Companies.
Titanium Transportation Group Inc. has announced it acquired the assets and equipment of Crane Transport (“Crane”) of Oakwood, GA, for a total consideration of US$53 million comprising cash, a vendor takeback loan and assumption of net debt, subject to closing adjustments. 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 US$6 million. Titanium has the funds to close the transaction and does not require additional financing.
Titanium is a leading logistics and transportation company servicing Canada and the United States. They are a recognized consolidator of asset-based transportation companies, having completed twelve acquisitions since 2011. They are one of only three publicly traded Transportation Companies in Canada.
Ted Daniel, CEO, Titanium Transportation Group, commented, “This announcement is further evidence of Titanium executing on its strategic plan and continuing to build a strong foundation for future growth in North America. 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.”
“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,” added Mr. Daniel.
Key transaction highlights:
- 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, noted, “I am 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.”
Titanium’s operations and logistics brokerages service Canada and the United States, with approximately 1000 power units, 3,300 trailers and 1,300 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, logistics, warehousing and distribution to over 1,000 customers. With its first U.S. acquisition, Titanium has established both asset-based and brokerage operations in Canada and the U.S. with eighteen (18) locations.
