TFI International explained

TFI International Inc.
Type:Public
Foundation: in Cabano, Quebec, Canada
Hq Location City:Head office: Montreal, Quebec, Canada
Executive office: Etobicoke, Ontario
Hq Location Country:Canada
Locations:571 facilities:
Key People:
Revenue Year:2021
Income Year:2021
Net Income Year:2021
Assets Year:2021
Equity Year:2021
Num Employees:29,539
Num Employees Year:2021
Footnotes:[1] [2]

TFI International Inc. is a Canadian transport and logistics company based in Saint-Laurent, Quebec, a borough of Montreal. It operates primarily in Canada, the United States, and Mexico through 4 business segments: less than truckload (LTL), package and courier, logistics, and truckload. It has Canada's largest LTL business,[3] largest trucking fleet,[4] and in 2021 was ranked 6th in terms of revenue among both LTL and truckload North American carriers.[5] [6] Its trucking fleet consists of over 14,000 company-owned power units, nearly 10,000 owner-operator tractors, nearly 50,000 trailers and over 200 straight trucks.[7]

Since the mid 1990s, the company's main source of growth has been complete takeovers of smaller logistics companies (over 190 between 1996 and 2021) many of which continue operating as subsidiaries.

History

Foundation and early history

The company was founded by Reno and Réal Émond in 1957 as a regional trucking service in Cabano, Quebec. Cabano Transport expanded its operations mainly in Quebec and the Maritimes through a series of acquisitions. In 1985, Cabano Transport purchased D'Anjou Transport and changed its name to Groupe Cabano-d'Anjou.[8]

In 1987, the company acquired Groupe Expéditex and changed its name to Cabano Expeditex Group Inc.. The same year, it also acquired Groupe Brazeau Inc. from La Verendrye Management Corp. for and Expeditex Inc. for . Cabano had reported a profit of in 1986 but both Brazeau and Expeditex had been unprofitable. The purchases increased Cabano's fleet from 700 to 5,000 vehicles[9] making it the largest trucking company in Quebec and fourth-largest in Canada. Following the acquisitions, Cabano Expeditex focused on reducing debt shutting down 15 terminals by October 1987, had plans to shutter 4 more, and expected to reduce administrative staff at the new acquisitions by about 40% and unionized workers by about 10%.[10]

Cabano Expeditex was forced to restructure its finances under pressure in 1988 and the next year reported losses of . By 1990, however, it was recovering and reported a profit of for the 1990 fiscal year. In July, it acquired the general freight operations of Clarke Transport Routier for . This deal added 610 rolling stock units and 300-400 employees to Cabano Expeditex's existing 2,100 employees and 3,200 vehicles.[11] In December 1990 the company changed its name to Cabano Transportation Group.

In 1992, Cabano acquired Ontario-based Kingsway Transports Ltd. and its US operations from Kingsway's parent, Winnipeg-based Federal Industries Ltd. Following the purchase, Cabano changed its name to Cabano-Kingsway. The combined company operated 1,200 trucks, 3,400 trailers, and 63 service centers, and about 3,000 employees in eastern Canada and 19 northern US states. Cabano had been Canada's fourth largest trucking company but this deal meant it surpassed Reimer Express and TNT Canada to become the second largest after CP Express.[12]

Strategy shift

In 1997, Cabano Kingsway made significant management changes focused on operational efficiency and cost reductions. The company had been severely impacted by a strike in 1996 resulting in an earnings deficit. One key focus of the new management team was to reduce risk by diversifying its service offerings. Early acquisitions, therefore, were primarily intended to increase efficiency and grow new markets and services.[13]

By following their acquisitions strategy and divesting "non-core assets," the company subsequently experienced a significant increase in revenue with a much lower increase in expenses. In 1999, it changed its name to TransForce Inc.

In February 2000, TransForce acquired TST Solutions the parent of US and Canadian LTL carrier TST Overland Express. This purchase represented a significant increase to TransForce's presence in the US. Post acquisition, TST continued to operate as an independent subsidiary.[14] [15]

The company made major changes to its structure in 2002 when it converted itself into an income fund known as TransForce Income Fund.[16]

Diversification and expansion

Also in 2002, TransForce acquired Brampton, Ontario-based parcel-delivery company Canpar Courier. Canpar provides domestic services directly and cross-border services via interline agreements with other carriers and had been established in 1976 as a division of Canadian Pacific Trucks. By the time of its acquisition, Canpar operated 53 terminals and 1,000 vehicles and had reported revenues of approximately $150 million in 2001.[17]

Another significant purchase came in January 2004 when TransForce acquired the assets of Canadian Freightways from the recently bankrupt US trucking company, Consolidated Freightways. The deal was reported at plus assumption of debt worth . Canadian Freightways offered LTL, truckload, warehousing, brokerage, and other logistics services.[18] With acquisitions and organic growth, by 2005 TransForce was Canada's largest trucking company operating two dozen subsidiaries with a combined nearly 3,500 trucks and 9,000 trailers.[19]

TransForce again expanded its courier services in October 2007 with the purchase of ICS Courier and its parent Century II Holdings Inc. Founded in 1978 as Information Communication Services, Toronto-based ICS primarily focused on commercial shipments including parcel and document services and claimed 35,000 accounts, more than 1,300 employees and owner-operators, and 35 offices.[20]

In 2008, as part of a corporate restructuring, TransForce Income Fund changed its name back to TransForce Inc.,[21] the name it had used from 1999 to 2002.

In November 2009, TransForce acquired the Retail Solutions Division of ATS Andlauer Transportation Services (ATS). The division focuses on the retail and supply chain sectors and was renamed TForce Integrated Solutions on January 1, 2014.[22]

TransForce expanded its energy services portfolio in 2010 when it acquired Speedy Heavy Hauling for and a 19% equity interest in Speedy's parent, Calgary-based EnQuest Energy Services. Speedy focused on the US market and was merged with TransForce's prior US-based energy services acquisition, Hemphill Trucking, to form Hemphill-Speedy.[23]

US and further Canadian expansion

TransForce moved into the US parcel market with its December 2010 acquisition of Dallas-based Dynamex (NASDAQ:) for . The company provided parcel delivery and logistics services in both the US and Canada and had reported revenues of in the fiscal year ending October 31, 2010. Dynamex would be renamed TForce Logistics.[24] Additional parcel expansion came in June 2011 when TransForce acquired the domestic Canadian business of DHL Express. The division would be operated as Loomis Express and continued to focus on domestic services while offering international services via an alliance with DHL Express.[25] [26]

TransForce once again reorganized its energy services holdings in 2012 by consolidating its Canadian subsidiaries Kos Oilfield Transportation and Howard's Transport with their US counterparts Hemphill-Speedy and I.E. Miller to form TForce Energy Services.[27]

A months long campaign by TransForce to acquire one of its largest rivals, Canadian truckload carrier Contrans Group Inc., and its subsidiaries for [28] completed successfully on January 15, 2015.[29] [30] Contrans comprised 12 trucking companies primarily in the truckload and specialty truckload markets. Earlier in the year, Contrans as a whole was reported to have operated 1,493 tractors, 2,541 trailers, and 39 straight trucks. The same report showed TransForce with 3,774 tractors, 12,486 trailers, and 3,288 straight trucks across all divisions. Most Contrans subsidiaries continued to operate as TransForce subsidiaries following acquisition.

By 2016, TransForce already had a large LTL presence in the US via a variety of acquisitions but their truckload market share increased significantly with the October purchase of XPO Logistics Truckload, the truckload division of US freight carrier and broker XPO Logistics. The purchase price was reported to be . XPO had purchased US carrier Con-Way the previous year but didn't find its truckload division, Con-Way Truckload, to be a good fit for XPO's strategic direction.[31]

TransForce renamed the division CFI, the original name of the company acquired by Con-Way which had been rebranded Con-Way Truckload.[32] [33]

In December 2016 the company changed its name to TFI International in a move it said "better reflects the increased geographic scope of its operations."[34] [35] This "increased geographic scope" was illustrated by the company's 2016 reports which showed 53% of its business was in Canada and 47% was in the US.[36]

TFI acquired third-party-logistics provider DLS Worldwide from U.S. company, R. R. Donnelley & Sons Company for in November 2020.[37] DLS was renamed TForce Worldwide (later renamed again TFWW) and continued to operate from the former DLS headquarters in Bolingbrook, Illinois.[38] In September 2023, TFI International acquired British Columbia-based Vedder Transportation Group.[39]

UPS Freight acquisition

In January 2021, TFI agreed to purchase UPS' LTL and truckload subsidiary UPS Freight for .[40] At the time, the acquisition was the second largest deal in North American trucking history after the 2017 merger of Swift Transportation and Knight Transportation and made TFI one of the largest trucking companies in North America.[41]

UPS Freight had been formed in 2005 when UPS acquired LTL carrier Overnite Transportation and its subsidiary Motor Cargo for . In the purchase UPS expected to find synergies between the LTL services of Overnite and UPS' core package services. The move was also a bid to head off rival FedEx[42] which had recently expanded into LTL via a series of acquisitions.[43] However, for UPS the expected synergies did not materialize to the extent expected and the company decided to sell off its freight business and refocus on small package services.[44] [45]

The TFI acquisition of UPS Freight was completed in April 2021 and nearly doubled TFI's size to in annual revenue.[46] The division's core LTL services were rebranded TForce Freight and would continue to operate out of the carrier's Richmond, Virginia headquarters. The smaller truckload business, representing about 10% of revenues, would be transferred to TFI's other US truckload companies.[47] TFI announced plans to invest to into the new division for fleet upgrades including replacing about 1,000 trucks as well as price renegotiations with customers.

TFI sold CFI to US trucking company Heartland Express for in August 2022. The sale included CFI's US truckload unit and Mexican logistics unit, CFI Logistica.[48] TFI retained CFI's dedicated truckload business, CFI Dedicated (formerly Transport America), and US brokerage operation, CFI Logistics.[49]

2024 acquisitions

In March 2024, TFI acquired Hercules Forwarding.[50] In April 2024, the company acquired Daseke for $1.1 billion.[51]

Operations

Financial performance

FY! scope="col" style="width: 4em;"
Rev.Op. incomeNet incomeTotal assetsTotal equityEmp.Ref/ Note
style=text-align:center2018$3,954.8$332.0$224.8$2,968.7$1,155.917,127style=text-align:center[52]
style=text-align:center2019$3,903.5$382.9$233.7$3,508.8$1,159.317,150style=text-align:center
style=text-align:center2020$3,484.3$416.6$275.7$3,849.4$1,790.216,753style=text-align:center
style=text-align:center2021$7,220.4$889.2$664.4$3,960.2$2,220.329,539style=text-align:center
Percentage of revenue breakdown
FYBy segment/ business unitBy countryRef/ Note
TLLTLPackage/ courierLogisticsCAUSMX
style=text-align:center201745%20%14%21%56.5%43.1%0.4%style=text-align:center[53]
style=text-align:center201846%21%14%19%56.3%43.3%0.4%style=text-align:center
style=text-align:center201948%18%14%20%54.7%44.9%0.4%style=text-align:center
style=text-align:center202046%15%14%25%52.5%47.0%0.5%style=text-align:center
style=text-align:center202130%39%9%23%32.8%66.9%0.3%style=text-align:center

Corporate Management

Since the late 1990s, TFI has been led by chairman, president, & CEO Alain Bédard. Notable members of the TFI board include former president, CEO, and chairman of the National Bank of Canada André Bérard, former founder and president of CF Montréal Joey Saputo, and former journalist and National Assembly of Quebec member Richard Guay.[54] From 2007 to August 2021 Lucien Bouchard was a member of TFI's board. Bouchard had held a number of senior political positions in Canada including Secretary of State, Premier of Quebec, and Ambassador to France.[55]

Business segments

TFI organizes its divisions and subsidiaries into four business segments.

Package and courier

The company owns four subsidiaries which together form its package and courier segment. These are:[56]

Less-than-truckload

There are several divisions/subsidiaries in TFI's less-than-truckload (LTL) segment. These are a mix of road and intermodal providers. Notable subsidiaries include:[57]

Truckload

The Truckload segment consists of 43 divisions/subsidiaries providing truckload shipping services. In addition to standard dry van services, subsidiaries also provide specialized truckload services such as flatbed, tank, and intermodal transportation. Notable subsidiaries in this segment include:[58]

Logistics

TFI's Logistics segment is composed of 21 divisions/subsidiaries which provide logistics and transportation management services. Most divisions and subsidiaries primarily handle general freight but some are specialized around certain industries such as chemical transportation and medical logistics. Notable subsidiaries in this segment include:[59]

Acquisitions

Since 1997, TFI's primary growth strategy has been through acquisitions having acquired over 180 companies between 1996 and 2020. These include a number of major transportation-related investments and dozens of "tuck-in" acquisitions intended to complement existing operations.[60] TFI gives most subsidiaries (which are largely former independent companies) a certain level of autonomy. That allows each subsidiary to continue to cater to different regional markets and segments as a specialized interest. TFI International then uses its influence and cash flow to help increase the capacity of each subsidiary (like it did in 2010 when its purchase of a 52-door cross dock terminal in Calgary tripled the capacity of TST Overland and expanded its shipping network).[61]

Controversies

In August 2020, TFI's four Canadian courier subsidiaries, Canpar Express, ICS Courier, Loomis Express and TForce Integrated Solutions, were the victims of ransomware attacks.[62] All four company websites were taken down by TFI for some time but TFI stated no customer data had been obtained by hackers.[63] Subsequently, three internal documents from Canpar Express were leaked to the dark web. The source of the leak appeared to be hacking group DoppelPaymer.[64] Following the attack, some Canpar customers reported shipping delays.[65]

External links

Notes and References

  1. Web site: TFI International . March 2022 . 2021 Annual Report . 11 July 2022 . TFI International.
  2. Web site: Financial Post Corporate Snapshot – TFI International Inc. . live . https://web.archive.org/web/20210818183923/http://fpadvisor.financialpost.com/fpsn/sn_display.php?key=fp%7Cfpsn%7C98567 . 2021-08-18 . 23 August 2021 . FP Advisor.
  3. Web site: 9 October 2009 . TransForce in buying mood again; takes over ATS retail biz . dead . https://web.archive.org/web/20101129153605/http://todaystrucking.com/news.cfm?intDocID=22448 . 2010-11-29 . 26 April 2010 . Today's Trucking.
  4. Web site: 9 June 2020 . Canada's Top 100 truck fleets topped by TFI International . live . https://web.archive.org/web/20210818234738/https://www.trucknews.com/transportation/canadas-top-100-truck-fleets-topped-by-tfi-international/1003141460/ . 18 August 2021 . 18 August 2021 . Truck News . Today's Trucking.
  5. Web site: 2021 Top Less-Than-Truckload Carriers . live . https://web.archive.org/web/20210818234738/https://www.ttnews.com/top100/ltl/2021 . 18 August 2021 . 18 August 2021 . Transport Topics . en.
  6. Web site: 2021 Top Truckload/Dedicated Carriers . live . https://web.archive.org/web/20210818234740/https://www.ttnews.com/top100/tl/2021 . 18 August 2021 . 18 August 2021 . Transport Topics . en.
  7. Web site: Top 100 – TFI International . live . https://web.archive.org/web/20210818234740/https://www.ttnews.com/top100/companies/transforce/2021 . 18 August 2021 . 18 August 2021 . Transport Topics . en.
  8. Web site: TFI International . 18 February 2021 . Annual Information Form for the Fiscal Year Ended December 31, 2020 . live . https://web.archive.org/web/20210813185242/https://www.sec.gov/Archives/edgar/data/1588823/000156459021006695/tfii-ex991_97.htm . 13 August 2021 . 13 August 2021 . SEC:EDGAR.
  9. News: Dunn . Brian . 22 July 1987 . Fast-growing Cabano hopes to stay healthy . 19 . The Gazette . Montreal, Quebec . 1 September 2021 . Newspapers.com.
  10. News: Dunn . Brian . 7 October 1987 . Trucker Cabano aims to cut debts inherited from acquired firms . C-3 . The Gazette . Montreal, Quebec . 1 September 2021 . Newspapers.com.
  11. News: McGovern . Sheila . 31 July 1990 . Cabano Expeditex buys Clarke Transport . 11 . The Gazette . Montreal, Quebec . 1 September 2021 . Newspapers.com.
  12. News: Swift . Allan . 26 May 1992 . Quebec trucker takes 2nd place with takeover of Kingsway . D2 . The Vancouver Sun . Canadian Press . 1 September 2021 . Newspapers.com.
  13. Brooks . Mary R. . Ritchie . Pamela . 22 June 2005 . Trucking Mergers and Acquisitions in Canada and the U.S. Since NAFTA . Transportation Journal . 44 . 3 . 31–32 . 10.5325/transportationj.44.3.0023 . 0041-1612 . 20713604 . 152469994. free .
  14. Web site: 1 February 2000 . TransForce to acquire LTL specialist TST Solutions . live . https://web.archive.org/web/20210813185241/https://www.trucknews.com/transportation/transforce-to-acquire-ltl-specialist-tst-solutions/1003113692/ . 13 August 2021 . 13 August 2021 . Truck News . Today's Trucking.
  15. Web site: Kingston . John . 3 August 2020 . TFI's Bedard Signals Growing Focus on Company's LTL Operations . live . https://web.archive.org/web/20210814163639/https://www.freightwaves.com/news/tfis-bedard-signals-growing-focus-on-companys-ltl-operations . 14 August 2021 . 15 August 2021 . Freight Waves.
  16. Web site: 16 September 2002 . TransForce shareholders approve conversion to income fund . live . https://web.archive.org/web/20210818183929/https://www.trucknews.com/transportation/transforce-shareholders-approve-conversion-to-income-fund/1003114894/ . 18 August 2021 . 18 August 2021 . Truck News . Today's Trucking.
  17. News: 31 May 2002 . TransForce to acquire Canpar Transport . The Globe and Mail . live . 13 August 2021 . https://web.archive.org/web/20210813194721/https://www.theglobeandmail.com/report-on-business/transforce-to-acquire-canpar-transport/article1023708/ . 13 August 2021.
  18. News: Partridge . John . 27 August 2003 . Transforce keeps trucking . The Globe and Mail . live . 13 August 2021 . https://web.archive.org/web/20210813194721/https://www.theglobeandmail.com/report-on-business/transforce-keeps-trucking/article18429609/ . 13 August 2021.
  19. Web site: 21 April 2005 . TransForce keeps growing in Quebec with Groupe Gregoire buy . live . https://web.archive.org/web/20210818183930/https://www.trucknews.com/transportation/transforce-keeps-growing-in-quebec-with-groupe-gregoire-buy/1003116537/ . 18 August 2021 . 18 August 2021 . Truck News . Today's Trucking.
  20. Web site: Information Communication Services (ICS) Inc Company Profile . live . https://web.archive.org/web/20210813221439/https://www.dnb.com/business-directory/company-profiles.information_communication_services_(ics)_inc.066f36dc5bdcd96ea8ed5e0b313434c0.html . 13 August 2021 . 13 August 2021 . Dun & Bradstreet.
  21. Web site: 14 May 2008 . TransForce Completes Conversion, Name Change . live . https://web.archive.org/web/20210818184004/https://www.ttnews.com/articles/transforce-completes-conversion-name-change . 18 August 2021 . 18 August 2021 . Transport Topics . en.
  22. TransForce Inc. Completes Acquisition of ATS Andlauer Retail Solutions Division . 19 November 2009 . Canadian News Wire . Montreal, Quebec . en . 13 August 2021 . live . https://web.archive.org/web/20210813223747/https://www.newswire.ca/news-releases/transforce-inc-completes-acquisition-of-ats-andlauer-retail-solutionsdivision-539003411.html . 13 August 2021 . TransForce.
  23. Web site: Bouchard . Steve . 15 July 2010 . TransForce Inc. procédera à l'acquisition des actifs d'EnQuest Energy Services aux États-Unis . live . https://web.archive.org/web/20210814021809/https://www.transportroutier.ca/nouvelles/24317/ . 14 August 2021 . 14 August 2021 . Transport Routier . fr-CA.
  24. News: Delean . Paul . 15 December 2010 . TransForce makes move into U.S. with bid for Dynamex . B3 . The Gazette . Montreal.
  25. Web site: 29 April 2011 . TransForce strengthens courier offering with purchase of DHL's Canadian business . live . https://web.archive.org/web/20210815052248/https://www.therecord.com/business/2011/04/29/transforce-strengthens-courier-offering-with-purchase-of-dhl-s-canadian-business.html . 15 August 2021 . 15 August 2021 . The Record . en . The Canadian Press.
  26. Web site: Mukhopadhyay . Bhaswati . 29 April 2011 . Kalluvila . Sriraj . TransForce to buy DHL Express Canada's domestic business . live . https://web.archive.org/web/20210815052246/https://www.reuters.com/article/cbusiness-us-dhlexpresstransforce-idCATRE73S3MI20110429 . 15 August 2021 . 15 August 2021 . Reuters . en.
  27. Web site: 24 August 2012 . TransForce announces strong Q2 results . live . https://web.archive.org/web/20210818190956/https://canadiansailings.ca/transforce-announces-strong-q2-results/ . 18 August 2021 . 18 August 2021 . Canadian Sailings.
  28. Web site: Menzies . James . 25 July 2014 . TransForce to take over Contrans in mega-merger (Updated with Analysts' Reactions) . live . https://web.archive.org/web/20210820201936/https://www.trucknews.com/business-management/transforce-take-contrans-mega-merger/1003058779/ . 20 August 2021 . 20 August 2021 . Truck News . Today's Trucking.
  29. TransForce Successfully Completes Offer for Contrans Group Inc. . 11 November 2014 . Canadian News Wire . Montreal, Quebec and Woodstock, Ontario . en . 20 August 2021 . live . https://web.archive.org/web/20210820203429/https://www.newswire.ca/news-releases/transforce-successfully-completes-offer-for-contrans-group-inc-516368201.html . 20 August 2021 . TransForce.
  30. Web site: TFI International . 15 October 2015 . Business acquisition report – May 2015 . live . https://web.archive.org/web/20210820203222/https://sec.report/otc/financial-report/145557?__cf_chl_jschl_tk__=pmd_nTmWdJDLYRhBulfC2Y_rFYoWe7kDSVBn0_HryJuwM8k-1629488943-0-gqNtZGzNAiWjcnBszQhl . 20 August 2021 . 20 August 2021 . SEC . en.
  31. Web site: Lockridge . Deborah . 27 October 2016 . XPO Logistics Sells Truckload Operations to TransForce . live . https://web.archive.org/web/20210813215450/https://www.truckinginfo.com/137452/xpo-logistics-sells-truckload-operations-to-transforce . 13 August 2021 . 13 August 2021 . Truckinginfo . Heavy Duty Trucking.
  32. Web site: 16 July 2007 . Con-way Acquires CFI in $750 Million Transaction . live . https://web.archive.org/web/20210813215452/https://www.truckinginfo.com/99424/con-way-acquires-cfi-in-750-million-transaction . 13 August 2021 . 13 August 2021 . Truckinginfo . Heavy Duty Trucking.
  33. Web site: Lockridge . Deborah . 28 October 2016 . CFI Name Returns With TransForce Acquisition . live . https://web.archive.org/web/20210805004804/https://www.truckinginfo.com/137454/cfi-name-returns-with-transforce-acquisition . 5 August 2021 . 13 August 2021 . Truckinginfo . Heavy Duty Trucking.
  34. Web site: 23 December 2016 . TransForce changes corporate name to TFI International . live . https://web.archive.org/web/20210818183936/https://www.trucknews.com/transportation/transforce-changes-corporate-name-tfi-international/1003076569/ . 18 August 2021 . 18 August 2021 . Truck News . Today's Trucking.
  35. TransForce Intends to Change Corporate Name to TFI International Inc. . 28 November 2016 . Marketwired . Montreal, Quebec . 19 August 2021 . live . https://web.archive.org/web/20210819134931/https://finance.yahoo.com/news/transforce-intends-change-corporate-name-140127043.html . 19 August 2021 . TransForce . Yahoo! Finance.
  36. Web site: Johnson . Brittany . 4 April 2019 . Who purchased Aulick Leasing? . live . https://web.archive.org/web/20210819140559/https://www.nbcnebraskascottsbluff.com/content/news/Who-purchased-Aulick-Leasing-508132281.html . 19 August 2021 . 19 August 2021 . NBC Nebraska Scottsbluff . en.
  37. News: Van Praet . Nicolas . 15 September 2020 . Quebec trucking company TFI buys U.S. Company DLS for US$225-million, its eighth acquisition this year . The Globe and Mail . live . 22 September 2020 . https://web.archive.org/web/20200920094553/https://www.theglobeandmail.com/business/article-quebec-trucking-company-tfi-buys-us-company-dls-for-us225-million/ . 2020-09-20.
  38. TFI International Completes Previously Announced DLS Worldwide Acquisition . 2 November 2020 . TFI International . Montreal, Quebec . 18 August 2021 . live . https://web.archive.org/web/20210818221144/https://tfiintl.com/en/press_releases/tfi-international-completes-previously-announced-dls-worldwide-acquisition/ . 18 August 2021 . TFI International.
  39. Web site: 2023-09-05 . TFI International buys B.C. company Vedder Transportation Group . 2023-09-06 . Yahoo Finance . en-CA.
  40. Web site: Trunick . Perry A . 31 May 2005 . The incredible shrinking LTL industry . 23 August 2021 . Material Handling & Logistics.
  41. Web site: Page . Paul . 26 January 2021 . Trucker TFI International Aims to Boost Margins at UPS Freight . live . https://web.archive.org/web/20210818201636/https://www.wsj.com/articles/trucker-tfi-international-aims-to-boost-margins-at-ups-freight-11611696296 . 18 August 2021 . 18 August 2021 . Wall Street Journal.
  42. Web site: Nguyen . Terrence . 16 May 2005 . UPS to buy Overnite . live . https://web.archive.org/web/20100626100329/http://fleetowner.com/news/ups_overnite_acquisition_051605/ . 26 June 2010 . 2 June 2010 . Fleet Owner.
  43. Web site: 13 November 2000 . FedEx $950M takeover bid . live . https://web.archive.org/web/20210812222530/https://money.cnn.com/2000/11/13/deals/fedex/index.htm . 12 August 2021 . 12 August 2021 . CNN Money . New York . CNNfn.
  44. News: Smith . Jennifer . Ziobro . Paul . 25 January 2021 . UPS to Sell Freight Trucking Business to TFI for $800 Million . en-US . Wall Street Journal . live . 25 January 2021 . https://web.archive.org/web/20210125171330/https://www.wsj.com/articles/ups-to-sell-freight-trucking-business-to-tfi-for-800-million-11611592797 . 25 January 2021 . 0099-9660.
  45. News: Ziobro . Paul . 29 July 2020 . Coronavirus Shifts Pricing Power to UPS and FedEx, and They Are Using It . en-US . Wall Street Journal . live . 25 January 2021 . https://web.archive.org/web/20210126120858/https://www.wsj.com/articles/coronavirus-shifts-pricing-power-to-ups-and-fedexand-they-are-using-it-11596026588 . 26 January 2021 . 0099-9660.
  46. Web site: McDaniel . Jason . 5 August 2021 . Acquisitional by nature: TFI grows Tank Group into $500M operation . live . https://web.archive.org/web/20210820204556/https://www.bulktransporter.com/whats-in-print/media-gallery/21167811/acquisitional-by-nature-tfi-grows-tank-group-into-500m-operation . 20 August 2021 . 20 August 2021 . Bulk Transporter.
  47. TFI International Completes Previously Announced UPS Freight Acquisition . 30 April 2021 . Montreal . 3 May 2021 . live . https://web.archive.org/web/20210503005303/https://www.bloomberg.com/press-releases/2021-04-30/tfi-international-completes-previously-announced-ups-freight-acquisition . 2021-05-03 . TFI International . Globe Newswire . Bloomberg.
  48. News: Maiden . Todd . 22 August 2022 . Heartland Express acquires CFI assets for $525 million . en-US . FreightWaves . 23 May 2023.
  49. News: 23 August 2023 . Heartland Express buys CFI's truckload operations for $525 million . en . KCRG . 23 May 2023.
  50. Web site: Maiden . Todd . 2024-03-11 . TFI acquires LTL carrier Hercules Forwarding . 2024-08-20 . FreightWaves . en-US.
  51. Web site: Kingston . John . 2024-04-03 . Daseke now part of TFI International as acquisition closes . 2024-08-20 . FreightWaves . en-US.
  52. Web site: TFI International . March 2021 . 2020 Annual Report . live . https://web.archive.org/web/20210813163810/https://tfiintl.com/wp-content/uploads/2021/03/Final-TFI-2020-Annual-Report-EN.pdf . 13 August 2021 . 13 August 2021 . TFI International.
  53. Web site: TFI International . March 2018 . Annual Information Form for the Fiscal Year Ended December 31, 2017 . dead . https://web.archive.org/web/20181121072613/https://tfiintl.com/wp-content/uploads/2018/03/aif-2017.pdf . November 21, 2018 . 20 November 2018.
  54. Web site: TransForce Inc. Board of Directors . dead . https://web.archive.org/web/20120111191507/http://www.transforcecompany.com/gDirectors.asp . 11 January 2012 . 13 August 2021.
  55. TFI International Announces Board Departure of Lucien Bouchard . 13 August 2021 . Globe Newswire . Montreal Quebec . en . 16 August 2021 . live . https://web.archive.org/web/20210816205045/https://www.globenewswire.com/news-release/2021/08/13/2280673/0/en/TFI-International-Announces-Board-Departure-of-Lucien-Bouchard.html . 16 August 2021 . TFI International.
  56. Web site: Package and Courier . live . https://web.archive.org/web/20210815203635/https://tfiintl.com/en/package-and-courier/ . 15 August 2021 . 15 August 2021 . TFI International.
  57. Web site: Less-Than-Truckload . live . https://web.archive.org/web/20210815205319/https://tfiintl.com/en/less-than-truckload/ . 15 August 2021 . 15 August 2021 . TFI International.
  58. Web site: Truckload . live . https://web.archive.org/web/20210815203635/https://tfiintl.com/en/truckload/ . 15 August 2021 . 15 August 2021 . TFI International.
  59. Web site: Logistics . live . https://web.archive.org/web/20210815203638/https://tfiintl.com/en/logistics/ . 15 August 2021 . 15 August 2021 . TFI International.
  60. Web site: 20 August 2010 . TransCore's freight index continues to rise above 2009 . dead . https://web.archive.org/web/20111002074747/http://www.todaystrucking.com/newscenter.cfm?pageaction=story&intNewsCenterID=1&intDocID=24521&CFID=1769628&CFTOKEN=87485173 . 2011-10-02 . 16 September 2010 . Today's Trucking.
  61. News: 8 July 2010 . TransForce buys terminal in Calgary . B3 . The Gazette (Montreal).
  62. Web site: Tabak . Nate . 23 August 2020 . Ransomware attack hits TFI's Canadian courier divisions . 21 October 2021 . FreightWaves.
  63. Web site: Nichols . Shaun . 24 August 2020 . Canadian shipping company Canpar gets an unwanted delivery – ransomware . 21 October 2021 . The Register . en.
  64. Web site: Tabak . Nate . 25 August 2020 . Files from TFI's Canpar leak after ransomware attack . 21 October 2021 . FreightWaves.
  65. Web site: Rowe . Daniel J. . 21 August 2020 . Customers complain of delays after ransomware attack on delivery company Canpar Express . 21 October 2021 . CTV News . Montreal . en.

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