Iowa trucking company acquires CFI in $525 million dollar deal
NORTH LIBERTY, Ia. – An Iowa-based trucking company today announced its plan to acquire CFI Logistica operations in Mexico from TFI International for $525 million.
Headquartered in Joplin, Missouri, CFI provides dry van and temperature-controlled truckload services to major customers throughout the U.S. and into Mexico and Canada.
Officials say the acquisition by Heartland Express would make the company the 8th largest truckload fleet in the U.S with estimated annual revenues of approximately $1.3 billion,
President and CEO of Heartland Express stated:
“We are thrilled to welcome CFI to the Heartland Express family of companies, where it will continue to operate from Joplin under its own brand and current leadership team. CFI has exactly what we look for as we expand – significant scale, a respected and recognizable brand, capable management, safe and experienced drivers, a strong asset base, and a complementary terminal network. CFI’s strengths in the north-south midwestern corridor will add to our driver and customer capability, and their cross-border expertise will help us capitalize on the expected long-term freight volume benefits of nearshoring activity by manufacturers. At the same time, we can offer the CFI people a home that is entirely focused on their core – high-service, irregular route, asset-based truckload freight transportation. Over time, we expect to gain meaningful synergies and operate our consolidated business on a larger scale at our historical margins.”
Through the purchase agreement, Heartland Express will acquire 100% of the equity of transportation Resources, Inc., the parent of Contract Freighters, Inc. and the Mexican entities comprising CFI Logistica.
To learn more about the agreement, click here.
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