Canada Cartage Corporation, a large transportation and logistics provider in Canada, will acquire The GTI Group, a Montreal-based company providing a range of supply chain services including brokerage, transportation management, freight forwarding, drayage, intermodal, warehousing, and specialty trucking services for oversize and heavy haul freight.
Through the acquisition, Canada Cartage is entering the U.S. market for the first time in its 110-year history. With main offices in Houston, Texas, Des Moines, Iowa, and Franklin, Tennessee, GTI has a significant customer base and market presence in the United States.
“Like us, GTI has grown significantly over the past few years and has a portfolio of complementary service offerings that build upon Canada Cartage’s solution line-up, and also adds some new, complementary services to ours,” said Jeff Lindsay, Canada Cartage president and CEO. “We have been looking for an opportunity to enter the U.S. market for several years but have been waiting for the right acquisition to do so.”
As part of the acquisition, GTI will continue to operate under its existing brand and management structure. The company said this approach aligns with Canada Cartage’s commitment to preserving the strengths and values that have contributed to GTI’s success.
With the acquisition, Canada Cartage is expected to generate over $1 billion CAD in annual revenue on a combined basis and significantly increase its scale in services such as freight management, freight brokerage, and specialized freight hauling. Financial terms of the transaction were not disclosed.
The acquisition is subject to regulatory approvals and other customary conditions and is expected to close by Dec. 31.