Market Overview

TFI Seeks Courier BeavEx Assets In Bankruptcy Deal


TFI international wants to bolster its U.S. last-mile business with the assets of BEAVEX.

TFI international wants to bolster its U.S. last-mile business with the assets of BEAVEX.

Canada's TFI international Inc. hopes to expand its last-mile footprint by offering to purchase the assets of Atlanta-based courier BeavEx, which filed for bankruptcy protection on Monday, February 18. 

BeavEx, which specializes in same-day deliveries and medical logistics services, announced that it had reached an agreement with TFI in its a Chapter 11 filing. While TFI is the favored buyer, other bids could potentially step in.

"This would bolster TFI's last-mile affiliates," said TFI spokesperson Rick Leckner.

BeavEx operates more than 80 facilities in 38 states and has a network of about 4,000 owner- operator drivers.

TFI would acquire BeavEx's assets through three of its TForce subsidiaries, which provide courier services.

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The acquisition would significantly enhance TFI's presence in medical logistics since it would include BeavEx's Guardian Medical Logistics subsidiary, Leckner said.  

Most customers from BeavEX and its Guardian Medical Logistics division will be integrated into TFI, which will also be hiring an unspecified number of BeavEx employees, according to a BeavEx news release.

"We are confident that this process will result in strong new ownership, and we thank our employees and independent contractors for their continued hard work and commitment to fulfilling the 24/7 needs of our customers," said Don Van der Wiel, BeavEX's chief restructuring officer.

Earlier today (February 19), TFI announced that it was acquiring Toronto Tank Lines, based in Hamilton, Ontario. The company specializes in the storage and transportation of industrial chemicals, food-grade liquids, oils and waxes in the U.S., Canada and Mexico.

Toronto Tank Lines has about 75 tank trailers and 15 storage tanks that have a capacity of one million liters.

"TTL's strategic location in Hamilton Harbor along with its best-in-class transportation, transloading, tank storage and wash rack assets will synergistically fit into our family of tank companies across North America as we seek to accelerate its growth," TFI International CEO Alain Bedard said in a news release.

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Posted-In: bankruptcy Freight Freightwaves LogisticsNews Markets General


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