Contract Freighters Inc. (CFI) officially became part of Con-way Truckload August 23rd. The $750 million acquisition of the privately held CFI gives Con-way a “substantial presence” in the truckload market with a fleet of more than 2,600 tractors and 7,000 trailers.
“CFI is a highly strategic acquisition that immediately establishes us as a major player in the truckload market and strengthens our capabilities as a premier provider of freight transportation and supply chain solutions,” said Doug Stotlar, president and CEO of Con-way Inc.
Con-way announced its intent to acquire CFI on July 16th. The acquisition was funded with existing cash resources together with proceeds from debt financing, according to Con-way. Third-quarter earnings reports will include CFI’s results from the date of closing.
