With operations within the U.S. and Canada, Seaboard Transport focuses on bulk truckloads. Lately, the corporate has added rail terminal transload providers and choices for bulk storage of dry and liquid merchandise.
Armour operates 24 terminals and owns greater than 4,000 items of kit. Affiliated corporations embody Armour Courier Providers, Armour Logistics Providers, Diamond’s Switch Ltd., Hillman’s Switch Ltd., Pole Star Transport, RJS Terminals, Triple B Trucking and Means’s Transport Ltd.
Following the acquisition, Armour’s belongings will proceed to function below the Armour identify, and the majority of its operations will stay at its headquarters in Moncton, New Brunswick, Seaboard Transport stated.
“We have now shared Canada’s roadways for 50 years. We have now come to admire and admire the Armour household’s work ethic and repute. We look ahead to persevering with their custom of excellence as a member of the Seaboard Group,” stated Joe Shannon, Seaboard Transport proprietor. Each corporations are family-owned.
The deal is topic to typical closing circumstances and regulatory approval. Serving as adviser to the transaction is CIBC Capital Markets.
“Like us, the Seaboard group is a personal, family-owned firm with roots in Atlantic Canada. Seaboard has comparable distinctive values and a company tradition that makes me very comfy about the way forward for the Armour firm and our devoted workers,” stated Armour President and CEO Wes Armour.
This sale is simply the newest in a string of acquisitions inside the Canadian trucking business for the reason that begin of 2021. The largest of these deals is TFI Worldwide’s (NYSE: TFII) $800 million settlement to purchase UPS Freight.
Additionally this 12 months, cross-border service XTL announced its first acquisition in historical past, shopping for Quebec temperature-controlled trucking agency Transport Savoie, whereas Titanium Transportation Group introduced it had acquired Worldwide Truckload Providers, practically doubling its dimension.
FreightWaves Border and North America Correspondent Nate Tabak contributed to this report.