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Key part of expansion into cross-border transportation services
VersaCold Logistics Services, Canada's largest supply chain solutions company focused exclusively on the handling of temperature sensitive products, has entered into an agreement to acquire Coastal Pacific Xpress (CPX), BC's largest refrigerated carrier specialising in the shipping of perishable and ambient products throughout Canada and the US .
The acquisition comes just one month after the announcement of VersaCold's acquisition of Gary Heer Transport and the launch of its newest subsidiary, VersaCold North America Transportation Solutions Limited (VNATS).
The newest addition to VNATS, CPX will continue to operate as its own entity while enhancing VersaCold's growth in the cross-border transportation market segment, including truckload and less-than-truckload capabilities.
The acquisition is a major step towards reaching the Company’s goal of being Canada's premiere, fully integrated, total supply chain solutions provider. CPX will be a key part of the Company's expansion into cross-border transportation services. The transaction, which is subject to customary closing conditions, including the receipt of applicable regulatory approvals, is anticipated to close in the first half of 2016.
CPX is a Surrey, BC -based road transportation company specialising in perishable and ambient truck load (TL) transportation throughout Canada and the US, as well as dedicated less than truck load (LTL) schedules to various destinations throughout Canada and the Western US. Established in 1986, CPX is BC's largest refrigerated carrier, employing approximately 150 administrative staff and 400 independent contractors/owner operators throughout its locations in Surrey, BC, Nanaimo, BC, Calgary, AB and Edmonton, AB and Oakville, ON. CPX's customer base comprises some of Canada's leading companies, representing a wide array of industries and commodities.