Daseke to be acquired by TFI International

North American specialized transport operator Daseke will be acquired by TFI International in an all cash transaction worth US$1.1 billion.

TFI is a Canadian general transport and logistics company that has made 126 acquisitions in the USA and Canada since 2008. Daseke is more involved in specialized transport. It has a fleet of 4,900 tractors, 11,000 flatbed and specialized trailers, plus one million square feet of industrial warehousing.

Daseke is the sixth largest specialized transport company in the world according to the 2023 IC Transport 50 ranking. In the ACTTransport50 ranking, just for North America, Daseke is ranked in second place.

When the acquisition deal closes Daseke stock will no longer be listed on stock exchanges and its brands will be operated under TFI International’s Truckload segment. Total annual revenue for this combined TFI and Daseke segment is forecast at $3.6 billion.

Commenting on the move Alain Bédard, TFI International chairman, president and chief executive officer, said, “This attractive acquisition is highly complementary to our existing operations and scales our Truckload segment into a leading North American truckload transportation and logistics business. Daseke’s deep expertise in servicing a broad portfolio of specialized and industrial end markets such as high-security cargo, agriculture, manufacturing, and construction, is critical given the relative strength of specialized market dynamics today. We extend a warm welcome to the Daseke team.”

Giant deal

For his part Jonathan Shepko, Daseke chief executive officer, said, “We believe this transaction to be a tremendous outcome for our Daseke shareholders, providing a near-term liquidity event at a significant premium, and is consistent with our stated priority of progressing opportunities that maximise value for our shareholders.

“TFI has a proven track record of successfully executing acquisitions that deliver value for its customers, shareholders, partners, and team members. We are very fortunate to be joining a like-minded organisation who shares our commitment to strong customer relationships, services excellence, and utmost respect for our professional drivers, each of which has fuelled Daseke’s success over the last 15 years.”

The deal received unanimous approval by Texas, USA-based Daseke’s board of directors and the TFI board. It was expected to close in the second quarter of 2024, subject to approval by Daseke common stockholders, regulators and other closing conditions.