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T-Force Worldwide purchases DLS worldwide – Acquisition Bolsters National Quality Logistics Capabilities

Montreal, Quebec, September 15, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has signed a definitive agreement to acquire DLS Worldwide (“DLS”), a business unit of R.R. Donnelley & Sons Company. Established in 2006 and based out of Bolingbrook, IL, DLS provides logistics services through a third-party logistics (“3PL”) network of internal sales personnel, commissioned sales agents, and approximately 140 agent-stations. DLS’ primary transportation modes include less-than-truckload, truckload, freight forwarding, expedited, parcel and intermodal. The US $225 million acquisition is expected to close within the next 60 days subject to customary closing conditions including regulatory review and approval.

Over a recent 12-month period, DLS generated approximately US $550 million in revenue, including intercompany sales that are expected to continue after closing. TFI expects the acquired operations to generate approximately US $22.5 million in operating income during the first four full quarters after closing, before potential synergies and non-cash amortization of intangible assets and related purchase accounting adjustments. Led by its president, Thomas Griffin, DLS’s dedicated team of employees and agents serves a diverse, longstanding customer base spanning a broad array of end markets including manufacturing, retail/wholesale consumer products, technology and print/mail. The acquired business will operate standalone within TFI International’s Logistics segment under its new name, “TForce Worldwide Inc.” or “TFWW.”

“We eagerly look forward to welcoming Thomas and his impressive team to TFI International, where the DLS business can continue its successful track record while significantly expanding our US presence and capabilities,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “The asset light model of the DLS business will expand our reach through a significant agent station network and represent a compelling opportunity as our first major US logistics operation focused primarily on LTL. We look forward to supporting the continued growth of the DLS business as part of the TFI family of companies.”