Windsor, ON – Baker Tilly Canada Capital is pleased to announce the pending sale of Hearn Industrial Services, Inc. (Hearn) to TFI International Inc. (“TFI”) ( NYSE and TSX: TFII). Baker Tilly Capital was the exclusive financial advisor to Hearn and its shareholders.
TFI has entered into a definitive share purchase agreement to acquire Hearn, with the transaction expected to close in early Q2 2025. Headquartered in Windsor, Ontario, Hearn is a privately owned leader in supply chain logistics, specializing in sequencing, subassembly, transportation and quality services for the automotive industry. Owned and operated by Don and Steven Hearn, the company is known for its strong focus on customer service and employee culture. Hearn operates locations across Ontario, Michigan, Ohio, Tennessee and Kentucky.
“Don and Steven are the embodiment of true entrepreneurs, with a focus on growth and a results-driven mentality,” explains Mike McIsaac, Baker Tilly Capital’s managing director. “Their commitment to getting things done on time and exceeding client expectations is the cornerstone of their reputation. We are proud to have guided them through this complex and transformative transaction, positioning Hearn Industrial Services for its next phase of growth and partnership with TFI.”
TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States, Canada and Mexico through its subsidiaries. Under the TFI International umbrella, companies receive financial and operational resources intended to grow these businesses and increase their efficiency. TFI International companies offer support with logistics and a wide range of shipment types, including package, courier, truckload and less-than-truckload.
“As we transition our family business to TFI International, we reflect on the dedication and hard work that has built this business from the humble beginnings of our father in 1966,” explains Donald Hearn. “We are incredibly proud of the team and what we've built over the years, especially the people that were here from the beginning. This decision to sell to TFI is not just a business move, it’s a step toward ensuring that the values, commitment and dedication that have guided us for generations continue to thrive.”
Partnering with TFI allows Hearn to leverage its North American reach, customer base, resources and expertise. “TFI has a commitment to growth, excellence and innovation that aligns with our values,” says Steven Hearn. “We believe this merger will provide the scale necessary to continue delivering a high level of service to our customers, while ensuring our employees will continue to thrive. We’re excited about the future and the new opportunities that will arise from this transition, knowing that our family’s story and the business we’ve nurtured will continue to grow, evolve and succeed. Together with TFI, we look forward to shaping the future of our industry with the same dedication, integrity and passion that have defined our success over the years.”
Dickinson Wright was the legal representative to Hearn for this transaction in Canada and the United States.
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