Stillwater Advises DTA Services Ltd. in its Sale to AFS Logistics

Stillwater Capital is pleased to announce that DTA Services, Ltd. has been acquired by AFS Logistics.

DTA Services, Ltd. is a leading Canadian freight bill audit and pay firm based in Toronto.

“DTA is a strong cultural fit for AFS, with an intense passion for helping clients exhibited by a 102-year history of success and a loyal customer base,” says Tom Nightingale, CEO, AFS. “With our combined presence and product offering, we have an incomparable opportunity to create value for our customers on both sides of the border.”

AFS Logistics provides transportation management, cost management, freight bill audit, and other logistics services.

“It’s incredibly exhilarating to hand the reins of this mature industry leader and exceptionally skilled team over to such a competent, strategic buyer who shares our values and passion for our staff and clients,” says Melissa Gracey, President and CEO, DTA. “Joining AFS is the right next step, allowing us to build on existing strengths and pursue new opportunities to serve the industry.”

As part of AFS, DTA will serve the Canadian market with an expanded portfolio of logistics services, adding less-than-truckload (LTL), parcel cost management, transportation management, and a broader suite of audit services.

“Melissa and her team have built an excellent company. Building on DTA’s loyal customer base and century of success, AFS is well-positioned to expand its reach into the Canadian market. We are delighted to have been a part of bringing these two organizations together,” said Jordan Nix, Executive Vice President at Stillwater Capital.

Stillwater Capital acted as the exclusive financial advisor to DTA Services in the transaction. Stillwater’s deal team was led by Jordan Nix with the support of Arjaan De Visser.

For additional details on the transaction: AFS Logistics – Announcement.

About Stillwater Capital

Stillwater Capital is a leading M&A advisor to North American privately held businesses. Stillwater helps clients formulate and execute exceptional acquisition, divestiture, and financing strategies. Headquartered in Toronto, ON, they are a recognized leader in advising transportation and logistics companies.

About DTA Services

DTA Services has helped thousands of companies reduce and control transportation costs throughout its 102-year history. By ensuring that their clients pay only what they should and what is fair, DTA has been instrumental in saving Canadian manufacturers, retailers, distributors and CPG companies time and money. To learn more, visit

About AFS Logistics AFS Logistics helps more than 1,800 companies across more than 35 countries drive sustained savings, while turning their logistics operations into competitive, customer-centric differentiators. The AFS portfolio of services features audit, cost management, parcel, LTL and transportation management, which includes freight brokerage and freight forwarding. AFS is regularly part of the Inc. 5000 list of fastest-growing companies. To learn more, visit