Dive Brief:
- Canada Cartage plans to acquire refrigerated freight provider Coastal Pacific Xpress, according to a signed agreement and news release last week announcing the deal.
- The acquisition target, based in Surrey, British Columbia, also has a presence in the western U.S. and provides temperature-sensitive TL and LTL services.
- The deal is expected to close this month. Financial terms were not shared.
Dive Insight:
Canada Cartage, over a century old, noted in November 2023 it was entering the U.S. market with its acquisition of Montréal-based The GTI Group.
With CPX, westward expansion is providing an efficient national solution for customers’ reefer needs, the Mississauga, Ontario-based company noted.
CPX has company drivers and owner-operators, a brokerage and nearly 600 temperature-sensitive trailers, Canada Cartage said.
The acquiree also provides drayage, logistics and warehousing services via 31 distribution centers, according to its website.
M&A moves are coming as signs of market improvement appear to show promise, but the industry is still seeking recovery from a two-year freight recession.
Schneider National announced last week a deal to acquire Cowan Systems in Q4, and TFI International wants to offload its Daseke subsidiary and other assets as a specialized TL carrier, which it has been building up through M&A.
