TFI International’s U.S. last mile division, TForce Final Mile, has taken over select assets of BeavEx and its affiliates, Guardian Medical Logistics (GML), JNJW Enterprises, and USXP.
The companies were obtained through a deal approved by the U.S. Bankruptcy Court for the District of Delaware. TFI International paid US$7.2 million in cash, and took on working capital liabilities, but will see approximately US$100 million in annual revenues.
It will take on only seven of the 69 BeavEx/GML locations. The transaction is expected to close by the end of April, TFI announced.
“This is a superb transaction not only for TFI, but for the valued customers of BeavEx and GML who will continue to receive outstanding service and support as part of the TFI circle of customers,” said Alain Bedard, chairman, president and chief executive officer of TFI International. “For TFI, these select assets are an outstanding fit with our existing network, bringing additional revenues, as well as logistics and e-commerce expertise, route density and geographic reach to TForce Final Mile.”
BeavEx primarily serves the final-mile delivery requirements of the financial, health care, retail, industrial and manufacturing sectors. It offers same-day, next-day, and on-demand home delivery services. GML provides final-mile, mission-critical logistics and transportation services to the medical laboratory industry.