TFI to Buy Class 6-8 Truck Transporter JHT
JHT Becomes Eighth Acquisition of 2023 for TFI
[Stay on top of transportation news: .]
is set to acquire Class 6 to Class 8 truck manufacturer transportation provider , it said Aug. 7.
Montreal-based TFI, which ranks No. 4 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, expects the deal to close in the third quarter of 2023.
Pleasant Prairie, Wis.-based JHT transports trucks from manufacturing and final assembly plants to dealers and customers. JHT鈥檚 operations are asset light. It drives the new trucks to their destination.
JHT鈥檚 terminal network comprises 25 facilities in the United States and Canada, eight of which it owns, TFI said. The company has operations in Texas, North Carolina, Ohio, Missouri, Washington, West Virginia and Oregon.
TFI said JHT generated annual revenue in excess of $500 million annually before the deal, noting that JHT鈥檚 operating margins are consistent with those of TFI International鈥檚 logistics segment.
In the second quarter of 2023, TFI鈥檚 logistics unit posted an operating margin of 9.1%, slightly above a margin of 9.0% in the first half of 2023 but slightly below an operating margin of 9.3% in the year-ago period, according to the company鈥檚 earnings for the period.
The deal is the first for TFI since the beginning of the second quarter of 2023. The company inked seven deals in the first half of 2023 in the United States and Canada.
鈥淲e were immediately impressed by JHT鈥檚 well-run operations, its asset light approach and leadership in this differentiated niche market,鈥 TFI CEO Alain B茅dard said.
TFI did not provide details on how much it paid to acquire JHT and was not immediately available for comment Aug. 8.
Want more news? Listen to today's daily briefing below or go here for more info:
