February 23, 2023 //
Stillwater Capital is pleased to announce that it served as the exclusive financial advisor to Axsun Group in its sale to TFI International (NYSE: TFII) in February 2023.
Axsun Group, headquartered in Montreal, specializes in intermodal and brokerage services, operating throughout Canada and the U.S.
“Axsun’s existing business will prove complementary to our service offerings in both Canada and the US, with many of our customers increasingly looking toward intermodal as a solution for their freight movement requirements,” said TFI Chairman, President, and CEO Alain Bedard in a news release.
Axsun’s founder, Steve Ramescu, will continue to run the operation, which will become part of TFI’s logistics segment.
“Axsun is very well-managed and rapidly growing under Steve Ramescu’s leadership, using an asset-light and technologically sophisticated approach to serve a demanding Fortune 100 customer base,” Bedard said. “We look forward to Axsun’s contributions to our continued growth and emphasis on service quality under the TFI International umbrella and extend our warmest welcome to Steve and his impressive team.”
Jordan Nix, Stillwater’s Executive Vice President led the transaction with the support of Senior Associate, Arjaan De Visser. Commenting on the transaction, Jordan said, “Steve has built an impressive company. A lifetime of hard work has been well rewarded. TFI has made an excellent acquisition that strengthens its already impressive capabilities. We are delighted to have been part of bringing these two organizations together.”
For additional details on the transaction: TFI International acquires intermodal provider Axsun.
About Axsun Group
Axsun Group is a North American provider of intermodal and freight brokerage services. The company’s asset-light model provides over-the-road, drayage, warehousing, and other logistics services. Its asset-based capabilities include 20 tractors and 300 trailers.
About TFI International
TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States and Canada through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency.
About Stillwater Capital
With over 100 completed transactions, Stillwater Capital is a recognized leader in advising transportation and logistics companies in mergers and acquisitions. For over 20 years, Stillwater has helped clients sell businesses better and formulate and execute exceptional acquisition and financing strategies.
Stillwater is a member of the world’s premier professional advisory group, Geneva Capital Group, connected to 30,000 of the world’s best legal, accounting, and M&A professionals in over 800 offices in 126 countries.