GTI Transport Solutions Inc has acquired Precision Specialized Division Inc (PSD), a Woodbridge, Ontario-based open-deck and heavy haul transportation affiliate of Precision Truck Lines Inc.
No financial terms were released.
GTI, a Dorval, Québec-based provider of transport solutions, said the deal will enable its growth in North America’s open-deck and heavy haul transportation market.
The company added that PSD’s operations will move to Brantford, Ontario under the name Precision Specialized Inc (PSI). Ed Bernard, formerly VP of PSD, will serve as PSI’s president.
GTI was acquired in 2014 by the industries group of Canadian mid-market private equity firm Novacap.
GTI acquires Precision Specialized, a division of Precision Truck Lines
Montreal, February 11, 2018 – GTI Transport Solution Inc (“GTI”), a leading provider of open-deck, specialized and over-dimensional freight services, a Novacap-backed company, announces it is acquiring Precision Specialized Division Inc. (PSD), a division of Precision Truck Lines Inc. Located in Woodbridge, Ontario, PSD is a leader of open-deck and heavy haul transportation in the province. All employee positions at the division, including management roles, will be maintained. GTI plans to invest in the company’s growing operations by expanding into new markets. This will begin with all operations moving to Brantford, Ontario and a unified name change to Precision Specialized Inc (“PSI”).
“The team at Precision Specialized has demonstrated market leading know-how in quality of service and engineering of complex project driven loads,” says Richard Lafrenière, CEO of GTI. “We firmly believe that blending their expertise with the broad footprint of GTI will enable us to drive growth and become the preferred open-deck/heavy haul transportation company in North America.”
“This acquisition is a continuation of GTI’s strategic plan to expand its current capabilities and geographic reach,” says Frédérick Perrault, Senior Partner of Novacap. “Combined with the launch of GTI USA in 2018 and other acquisitions in the pipeline, we are very enthusiastic about the group’s future.”
Ed Bernard, former VP of Precision Specialized Division Inc. will continue in his current role and more, now serving as President of Precision Specialized Inc. Mr. Bernard adds, “Precision Specialized is proud to be joining forces with GTI to propel our company to the next phase of its growth. A team of seasoned managers will bring valuable expertise and an injection of fresh capital will enable us to better serve our customers across North America. Moving operations 60 miles to Brantford gives us much needed space for our growing equipment assets.”
“This transaction is a win-win for us,” says Ravi Annand, Vice-President & CFO of Precision Truck Lines, “It will allow a great division we have built up over the last decade to continue its growth plan and allow Precision Truck Lines to focus on its core activities of TL and LTL Transborder transportation.”
GTI Transport Solutions (“GTI”) specializes in open-deck, heavy haul and over dimensional transportation services while also offering specialty storage, logistics and freight forwarding services. GTI has fully equipped transportation terminals in Quebec and Ontario and 300,000 sq.ft. of specialized warehousing. For further information, visit www.thegtigroup.com
About Precision Truck Lines
Precision is a family-based business that combines state-of-the art trucking technology with old-fashioned business values to ensure our customers’ project needs are met and their expectations are exceeded. With a commitment to hard work, teamwork, honesty, and exceptional customer service, Precision has grown steadily into one of the best managed transportation companies in North America. For further information, visit www.precisiontrucklines.com
Founded in 1981, Novacap is a leading Canadian private equity firm with $2.3 billion of assets under management. Novacap’s unique investment approach, based on deep operational expertise and an active partnership with entrepreneurs, has helped accelerate growth and create long-term value for its numerous investee companies. With an experienced management team and substantial financial resources, Novacap is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
For Novacap and GTI: