Toronto-based trucking company Vitran Corp. announced today, Oct. 2, that it has acquired Pjax Freight System for $132 million. Vitran, who said the deal for the Pittsburgh-based freight carrier will expand its U.S. network, will pay $80.3 million in cash for Pjax, plus $26.5 million of assumed debt, $13.2 million in stock and holdbacks totaling $12 million payable over the next 365 days.
“Following two successful acquisitions over the past 16 months — Chris Truck Line and Sierra West Express — we have continued to focus on further extending our geographical footprint,” says Rick Gaetz, Vitran president and chief executive officer. Vitran provides transportation services including less-than-truckload shipping, logistics, truckload and freight brokerage services.
Pjax operates from 22 terminals, 13 of which are owned and were acquired with the transaction. The company’s estimated revenue was $175 million for the 12 months ended Sept. 30. “This important acquisition expands our reach into the all-important Atlantic Coast as we continue to press forward with our goal of complete less-than-truckload coverage throughout both Canada and the United States, and a strong cross-border business to complement country-wide coverage on both sides of the border,” Gaetz says.