M&A - Buy, M&A - Sell
Kriska to Acquire Transpro Freight Systems
PRESCOTI, Ont. – Kriska announced today that it has signed a letter of intent to acquire shares of Transpro Freight Systems, based in Milton, Ontario.
According to the release, the transaction is set to close on November 30, 2015.
Transpro is still to be led by the current management team, including Eric Carusi, who will remain GM of the company.
“We are thrilled to be welcoming another best-in-class company to the KTG family,” said Mark Seymour, president and chief executive officer of KTG. “Transpro is a multiple award winning carrier, with a top tier safety record, strong management team, and consistent financial performance through economic cycles. In addition, they bring deep subject matter expertise in the field of freight brokerage, which will benefit all of our independent operating companies.”
Joe Carusi and Frank Prosia, co-founders of Transpro also commented
“We are incredibly proud of the business we have built over the past 26 years. The next generation of leaders at Transpro will benefit from all the economies of scale a large organization like Kriska can bring, coupled with what we believe to be an excellent cultural fit between our two companies. Kriska’s decentralized model, with a passion around safety and well-being for employees, makes them an excellent fit for our team.”
Transpro currently operates 110 tractors and 300 trailers. Inclusive of the acquisition of Transpro, KTG now operates a total fleet of 645 tractors, 1,950 trailers, and employs 900 people, including owner/operators.
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