TransForce buys courier fleet

MONTREAL — After an eight-month hiatus from acquisition trail, TransForce announced it has agreed to buy Century II Holdings Inc., whose wholly owned subsidiary Information Communication Services (ICS Courier) operates a fixed route courier business servicing in excess of 35,000 accounts in the
insurance, optical, financial, travel, dental and legal business sectors across Canada.

Established in 1978, ICS Courier is headquartered in Toronto and employs a workforce of more than 1,300 employees and owner-operators through a network of 35 offices. In 2006, ICS Courier generated approximately $90 million in revenues.

TransForce, Canada’s largest income fund of trucking-based fleets and assets, says it will buy the company for $8.00a share, plus working capital — bringing the price tag up to $9.75 a share.

Closing and regulatory conditions are expected to occur on October 31, 2007.

“ICS Courier is a well established company with an excellent track record,” said Alain Bédard, president and CEO of TransForce, in a press release. “This acquisition will open up a new service niche within TransForce’s LTL and parcel delivery business segment, will significantly increase volume and will help solidify our competitive position in that segment.”

TransForce already operates several LTL and package delivery outfits across Canada, including Canpar.

TransForce’s last fleet acquisition was in December ’06 when it bought all outstanding shares of Calgary-based Westfreight Systems Inc. and its Houston, Tex. division, Westfreight Holdings (U.S.A.) Inc. to complement the company’s growing western operations.