Acquisition of FTI Transportation and Merger with HVH Transporation
Washington, D.C., April 2014 — HCI Equity Partners announces that it acquired FTI Transportation and merged it with HVH Transportation, Inc. (an existing HCI III portfolio company). Headquartered in London, Ontario, FTI is an asset-light transportation provider. With revenues of approximately $50 million, FTI primarily provides dry van and flatbed services, split approximately 50-50 between U.S. and Canadian business. FTI has an asset-light model matching independent contractor ("IC") capacity with customer business. The Company operates with 275 ICs and owns approximately 600 trailers. FTI has established multiple programs to support its ICs, which are differentiators in attracting and retaining its driver base. These programs include training programs, a safety and retention bonus, a fuel cap program, and third-party lease purchase programs. FTI's programs and culture of analytical, fact-based decision making have resulted in a proven track record of profitable growth.