BOLTON, Ontario, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Titanium Transportation Group Inc. ("Titanium" or the "Company") (TSXV:TTR), a leading provider of transportation and logistics services throughout North America, is pleased to announce it has completed the acquisition of Bert and Son’s Cartage Limited (“B&S Cartage”), based in Brantford, Ontario (the “Acquisition”).
“This Acquisition provides an exceptional opportunity for Titanium to further expand our platform to better serve our existing and new Canadian and U.S. cross-border customers in a high-growth market,” said Ted Daniel, President and CEO, Titanium Transportation. “B&S Cartage is a strategic fit for Titanium as its facilities, including warehousing and approximately eight acres of land, are less than one mile from Titanium’s existing Brantford terminal and other former ITS facilities. With these combined assets now secured, we have the geographic footprint and a permanent home to expand operations and support this growing market.”
Titanium first began operations in Brantford nearly 10 years ago and the area has become an important geographic and growth market for the Company.
Established in 1947, B&S Cartage has been a family operated business in Brantford for the last 75 years, specializing in truckload, warehousing, distribution, and specialized logistics solutions within Ontario as well as transborder to/from the United States, serving long-standing AAA+ quality customers across the retail, consumer goods, food and beverage, industrial and commercial supply sectors. B&S Cartage brings approximately 40 dedicated drivers and staff to the Titanium team. Additionally, Darin DeRosse and Michelle DeRosse, third generation owner-operators with deep expertise and customer relationships, will join the Titanium management team and become proud shareholders.
Ted Daniel added, “We are pleased to welcome the entire Bert and Son’s Cartage team to Titanium Transportation. Together we will drive the business forward, achieve operating synergies, maximize opportunities within our combined customer base and geographic footprint to expand our Canadian and U.S. cross border business, add future growth and create shareholder value.”
As partial consideration in connection with the Acquisition, 400,000 common shares of Titanium were issued (the “Consideration Shares”) at a deemed value of $3.75 per Consideration Share. The Consideration Shares are subject to contractual lock-up, and will be released as follows: (i) 75,000 Consideration Shares on June 30, 2022; (ii) 75,000 Consideration Shares on December 31, 2022; (iii) 50,000 Consideration Shares on June 30, 2023; (iv) 50,000 Consideration Shares on December 31, 2023; (v) 50,000 Consideration Shares on June 30, 2024; (vi) 50,000 Consideration Shares on December 31, 2024; and (vii) 50,000 Consideration Shares on June 30, 2025. Pursuant to applicable Canadian securities laws, the Consideration Shares are also subject to a hold period of four months and one day, expiring on May 5, 2022. The Acquisition remains subject to final approval of the TSX Venture Exchange. The Acquisition was completed today, January 4, with an effective closing date of January 1, 2022.
About Titanium
Titanium is a leading asset-based transportation and logistics company servicing Canada and the United States, with approximately 800 power units, 3,000 trailers and 1,100 employees and independent owner operators. Titanium provides truckload, dedicated, and cross-border trucking services, freight logistics, and warehousing and distribution to over 1,000 customers. In February 2021, Titanium completed its strategic acquisition of International Truckload Services Group, establishing Titanium among the largest Canadian transportation companies. Titanium is a recognized consolidator of asset-based transportation companies in Ontario, having completed eleven (11) asset-based trucking acquisitions since 2011. Titanium has also been ranked by Canadian Business (formerly PROFIT magazine) as one of Canada's Fastest Growing Companies for twelve (12) consecutive years.
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https://www.globenewswire.com/news-release/2022/01/04/2361256/0/en/Titanium-Transportation-Announces-Strategic-Acquisition-of-Brantford-Based-Carrier-Supporting-Future-Expansion.html