TFI International closed its US$1.1-billion purchase of flatbed carrier Daseke
In April 2024, the Montreal-based carrier completed the deal it had announced in December 2023.
In April 2024, Montreal-based TFI International completed its acquisition of Daseke Inc., a U.S. flatbed and specialized carrier, for US$8.30 a share in cash. TFI put the deal's total enterprise value at about US$1.1 billion, including Daseke's preferred stock and debt.
TFI announced the deal on Dec. 22, 2023. It closed on April 1, 2024.
What TFI bought
According to Daseke's final annual filing, as reported by FreightWaves:
- Daseke had 2023 revenue of US$1.57 billion.
- Its Flatbed Solutions segment ran 2,339 tractors and 2,849 trailers. Its Specialized Solutions segment ran 2,430 tractors and 6,820 trailers.
- Flatbed brought in only 41% of revenue. The rest came from specialized work.
Financing and strategy
TFI said it closed a US$500-million term loan on March 22, 2024, in three tranches maturing in 2025, 2026 and 2027. Daseke was TFI's second acquisition in less than a month: it had announced a deal for less-than-truckload carrier Hercules Forwarding on March 11.
When the deal was announced, CEO Alain Bédard said TFI was considering separating its specialized truckload business from its LTL, package and courier, and logistics businesses. He said the immediate focus would be improving Daseke's financial results.