GTI Transport Solutions acquires Foxconn Logistics
The Novacap-backed company is strengthening its offering to customers by enhancing its container transport services.
GTI Transport Solutions announced the acquisition of the Nashville-based asset-light brokerage company Foxconn logistics.
Foxconn logistics specializes in container management and drayage within intermodal logistics, with presence in US ports across the eastern, southern, and western seaboards.
The release reads, "The acquisition strengthens GTI's focus on the north-south corridor between Montreal and Texas and complements its value-added service offering, which includes managed transportation, container management, drayage, contract brokerage, specialized warehousing and freight forwarding, as well as specialized flatbed, heavy haul, high-value, and oversized transportation services."
Kent Jordan, president of GTI USA, said, ''The intricacies of container and transportation management can be complex for our clients. Foxconn's integration into GTI USA enhances our managed transportation services offering and provides increased value to customers.''
"I was impressed with Foxconn's culture of performance, growth and excellence, as well as their strong list of blue-chip customers in the United States", said Richard Lafrenière, president & chief executive officer at GTI. '' This partnership will allow GTI to complement the current service offering to Foxconn's customers. Similarly, GTI's customers will benefit from Foxconn's expertise in container transportation which can be greatly leveraged in the current environment."
"By becoming part of GTI USA, we will have additional resources to support our teams who have established deep relationships with our customers. Today, we can quickly gain a larger share of wallet by offering a complete value-added solution for all their freight and logistics needs." adds Vincent Burch, co-founder Foxconn Logistics.
''This is GTI's fourth acquisition in the last four years," said Frederick Perrault, senior partner at Novacap, "The team has developed a deep understanding of how to successfully integrate and scale in new verticals and geographies.''