On November 27, 2023, Canada Cartage Corporation has signed a definitive agreement to acquire The GTI Group, a Montreal-based logistics firm. Although the financial terms were not disclosed, the acquisition is set to push Canada Cartage's annual revenue over C$1 billion, expanding its freight management, brokerage, and specialized freight services. This acquisition marks Canada Cartage’s first foray into the U.S. market, where GTI has a robust presence with offices in Texas, Iowa, and Tennessee.

Jeff Lindsay, President and CEO of Canada Cartage, expressed enthusiasm for the merger, highlighting GTI’s complementary services and significant growth. He noted the strategic value of GTI in facilitating Canada Cartage’s entry into the U.S. market. Richard Lafreniere, President & CEO of GTI, also welcomed the acquisition, emphasizing shared values and growth potential.

GTI will retain its brand and management post-acquisition, ensuring continuity for stakeholders. The transaction, expected to close by December 31, 2023, awaits regulatory approval. National Bank Financial Inc. and BMO Capital Markets served as Canada Cartage’s financial advisors for the deal.