The Project Freight Network – PFN member for Canada, GTI Transport Solutions Inc., (“GTI”), a leading provider of open-deck, specialized and over-dimensional freight services has completed the acquisition of Jetco, a Houston-based transporter offering flatbed, heavy-haul, intermodal, logistics, and specialized loads in the Texas region and across the United States.
This acquisition allows GTI to establish a strong operational platform in the United States, which will provide GTI with the ability to further strengthen and widen its offering to its customers throughout North America.
The transaction with Jetco follows the acquisition of Precision Specialized Division, a specialized carrier based in Ontario, in February 2019. Through these acquisitions and the brokerage network GTI is currently deploying in the US via GTI USA, GTI is establishing an integrated group focused on specialized transport across North America. With now seven locations in the United States and three in Canada, GTI provides specialized asset-based and non-asset transport solutions to the most demanding clients.
“The team at Jetco is renowned as a market leader in their quality of service and in always prioritizing safety in their transport” says Richard Lafrenière, CEO of GTI. “The strategic strong local presence that Jetco has in Texas will increase GTI’s position in the region and establish a performing North-South corridor with its Canadian operations.”
“This acquisition will also increase GTI’s scale and will deepen our geographic reach,” adds Frédérick Perrault, Senior Partner of Novacap.“ Jetco will complement GTI’s US division with its strong asset base and will serve as our platform for future acquisitions in the US.”
Brian Fielkow, CEO of Jetco, will continue in his current capacity as CEO. Mr. Fielkow adds, “Jetco is glad to join forces with a leader in specialized transport such as GTI and we are looking forward to start working together to bring the company to the next level.”
Precision Specialized is a division of Precision Truck Lines. Woodbridge, Ontario-based PSD is an open-deck and heavy haul transport operator in the province. GTI also operates open-deck, specialized and over-dimensional freight services.
All jobs will be retained, according to GTI private equity backer Novacap, which also said GTI plans to invest and expand into new markets. All operations will move to Brantford, Ontario, and the name will change to Precision Specialized Inc (PSI).
Commenting on the deal Richard Lafrenière, GTI chief executive officer, said, “The team at Precision Specialized has demonstrated market leading know-how in quality of service and engineering of complex project driven loads. 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 and heavy haul transportation company in North America.”
According to Frédérick Perrault, Novacap senior partner, “This acquisition is a continuation of GTI’s strategic plan to expand its current capabilities and geographic reach. Combined with the launch of GTI USA in 2018 and other acquisitions in the pipeline, we are very enthusiastic about the group’s future.”