Canadian bulk trucking giant Trimac acquired a 60 percent stake in Fortress Trucking for about $4.4 million, the company said Friday.
Trimac said it plans to purchase the remainder of the Guelph, Ontario, tank truck company over the next two to three years, spending a total of $7.5 million.
The Calgary-based bulk hauler is expanding with Canada’s energy sector, with increased sales pushing Trimac’s revenue to its highest level in five years.
Trimac reported approximately $334 million in sales in 2011 in Canada, a 13.7 percent increase from 2010 that pushed total revenue north of 2007’s $332 million.
In Canada, Trimac Transportation shares are publicly traded. The company's U.S. operations are privately owned.
Total revenue is estimated at $642 million for 2011, according to S.J. Consulting Group. That would make Trimac the 30th largest trucking operator in North America.
Before fuel surcharges, Trimac’s revenue in Canada rose 8.5 percent, based in part on increased petroleum hauling, oilfield services and woodchip hauling business.
Last year, Trimac acquired Western Canadian trucker Benson Tank Lines for $4 million. Trimac plans to buy a minority share of Northern Resource Trucking.
The purchases allow Trimac to expand market share in Canada and the U.S. across its core product lines — hauling chemicals, petroleum products and gases.