Canadian trucking operator Manitoulin Transport will acquire Toronto-based less-than-truckload company Vitran for $128 million, including $29 million in debt, the companies said Dec. 9.
Manitoulin Transport emerges the victor in a struggle for Vitran that involved transportation giant TransForce and Clarke Transport, which itself was acquired by TransForce in late October.
The acquisition furthers the consolidation of LTL operations in Canada, where several companies have merged in recent months. Manitoulin recently acquired Manitoba trucker Smooth Freight.
Vitran's Canadian business became an attractive takeover target following the sale of its ailing U.S. operations to Matthew Moroun, vice chairman of Detroit-based company CenTra, in October.
Manitoulin is the 17th largest LTL carrier on the JOC-SJ Consulting list of the top 50 U.S. and Canadian LTL carriers, ranked by revenue. Manitoulin had about $402 million in revenue last year.