TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, on Sept. 9, 2020, announced the acquisition of substantially all the assets of CCC Transportation (“CCC”) and related real estate and equipment.
Primarily a bulk carrier, CCC was previously a subsidiary of Comcar Industries, Inc., which along with its other subsidiaries filed Chapter 11 petitions in the U.S. Bankruptcy Court on May 17, 2020. TFI International, which paid a total consideration of U.S. $6.8 million for CCC, its associated real estate and additional equipment, had purchased both CT Transportation and MCT Transportation as part of the same bankruptcy proceeding, as previously announced.
Founded in 1953 and headquartered in Auburndale, FL, CCC is a leading truckload carrier in the Southeast U.S. and one of Florida’s largest intrastate motor carriers, offering cement hauling services primarily in Georgia and Florida, as well as dry van, intermodal, dedicated fleets, logistics and retail direct delivery. CCC has approximately 80 drivers operating nearly 100 tractors and more than 80 trailers, and generates approximately U.S. $10 million in annual revenue. As part of the transaction, TFI also acquired real estate and more than 90 additional trailers. CCC Transportation will become part of TFI International’s Truckload segment.
“We welcome the CCC team to the TFI family of companies and are pleased to strategically bring onboard several additional attractive assets of Comcar, following our earlier acquisitions of CT and MCT assets,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “CCC fits nicely with our existing BTC southern cement business and represents another important addition to our expanding specialized Truckload operations.”
About Comcar Industries
Comcar Industries is a transportation and logistics company headquartered in Auburndale, Fla., with over 40 strategically-located terminal and satellite locations across the United States.
On May 17, 2020, Comcar Industries and related entities sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11120). In the petitions signed by CRO Andrew Hinkelman, Comcar Industries was estimated to have $50 million to $100 million in assets and liabilities as of the bankruptcy filing.
The Hon. Laurie Selber Silverstein is the presiding judge.
The Debtors tapped DLA Piper LLP (US) as counsel; FTI Consulting, Inc. as financial advisor; and Bluejay Advisors, LLC as investment banker. Donlin Recano & Company, Inc. is the claims agent.