M&A Deal Summary

Heartland Express Acquires TFI International - Contract Freighters Truckload Business

On August 22, 2022, Heartland Express acquired transportation company TFI International - Contract Freighters Truckload Business from TFI International for 525M USD

Acquisition Highlights
  • This is Heartland Express’ 5th transaction in the Transportation sector.
  • This is Heartland Express’ largest (disclosed) transaction.
  • This is Heartland Express’ 6th transaction in the United States.

M&A Deal Summary
Date 2022-08-22
Target TFI International - Contract Freighters Truckload Business
Sector Transportation
Buyer(s) Heartland Express
Sellers(s) TFI International
Deal Type Divestiture
Deal Value 525M USD

Target

TFI International - Contract Freighters Truckload Business

United States
TFI International's Contract Freighters Truckload Business provides dry van and temperature-controlled truckload services.

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Buyer(S) 1

Buyer

Heartland Express

North Liberty, Iowa, United States
Category Company
Founded 1978
Sector Transportation
Employees6,040
Revenue 1.2B USD (2023)
DESCRIPTION

Heartland Express provides truckload transportation services that enables companies to deliver service across their transportation network and improve customer satisfaction. Heartland Express was formed in 1978 and is based in North Liberty, Iowa.

DEAL STATS #
Overall 6 of 6
Sector (Transportation) 5 of 5
Type (Divestiture) 2 of 2
Country (United States) 6 of 6
Year (2022) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-01 Smith Transport

Roaring Spring, Pennsylvania, United States

Smith Transport is a provider of dry van transportation and other specialized services to retailers, beverage manufacturers, and home supply companies. Smith Transport was founded in 1982 and is based in Roaring Spring, Pennsylvania.

Buy $170M

Seller(S) 1

SELLER

TFI International

Saint-Laurent, Quebec, Canada
Category Company
Founded 1957
Sector Transportation
Employees25,005
Revenue 7.5B USD (2023)
DESCRIPTION

TFI International is a North American leader in the transportation and logistics industry, operating across Canada and the United States through its subsidiaries. TransForce creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned, operating subsidiaries. Under the TransForce umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International was incorporated in is based in Saint-Laurent, Quebec.

DEAL STATS #
Overall 2 of 2
Sector (Transportation) 1 of 1
Type (Divestiture) 2 of 2
Country (United States) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-29 D&D Sexton

Carthage, Missouri, United States

D&D Sexton is a family-owned business operating for more than 40 years, specializing in refrigerated transportation and serving a long-standing customer base with both long-haul over-the-road services as well as local and shuttle operations. D&D has more than 150 company drivers and owner-operators, and close to 40 non-driving employees. D&D Sexton is based in Carthage, Missouri.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-21 Axsun

St Hubert, Quebec, Canada

Axsun is a provider of intermodal and freight brokerage services operating in multiple locations across Canada and the US. It provides an integrated mix of intermodal services as well as over-the-road highway, drayage, logistics, and warehousing on a primarily asset-light basis. Axsun is based in St Hubert, Quebec.

Buy -
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