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ISquareI Squared portfolio companies Transportation Equipment Network (“TEN”) and TIP Canada combine operations; now the second largest full-service trailer lessor in North America

  • The transaction consolidates TEN’s North American footprint; TIP Group to focus exclusively on its core European business

Miami, 15 April 2024 - I Squared Capital, a leading independent global infrastructure investment manager, today announced a transaction to combine the North American operations of two of its portfolio companies.

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Stephen Laskowski, president of the Canadian Trucking Alliance, recently spoke with the CBC’s Conrad Collaco about why the industry wants more foreign workers.

CBC: Why are you having such
a hard time filling trucking jobs?

SL: One reason is that we have the oldest demographic – over 55 – versus other sectors of the economy. Secondly, the Canadian economy moves by truck. In 2018 we had quite the robust economy, both in the US and Canada. Combine those factors and we reach a point where we have a significant driver shortage.

Why are you advocating for
foreign workers to fill these spots?

It’s one piece of the puzzle. It’s not the exclusive solution. It starts at home attracting Canadians looking for a great career. We’re competing with other sectors of the economy as well. We’re handcuffed. Other sectors of the economy can attract the nearly 300,000 new Canadians that come to this country each year. We can’t. For whatever reason the immigration lens has deemed truck driving as unskilled. We don’t agree with that. We think that most people understand and respect that driving a heavy truck on public roads is a very skilled profession.

What we’re saying to government is let’s set aside a small percentage of those 300,000 people who come from other countries and let’s identify some of them as long haul, experienced, professional drivers. Then, when they arrive in Canada let’s match them with a trusted employer model, meaning that companies with the highest training standard and labour practices would be able to recruit these people to their companies. Then they would go through the mandatory entry level training program; then they would go through the trusted employer model finishing program that would put safe drivers on the road and help the economy grow.

We’re asking to have a level playing field with other sectors. We go beyond other sectors by saying the government should ‘vet’ the companies that participate in this program to ensure we have the highest safety and labour standards.

Why doesn’t the industry just pay drivers more to attract new workers already in the province instead of relying on immigration?

We are paying drivers more. In 2018 you would see a number of companies make announcements about increases in driver wages to attract and to keep people. Is pay part of the solution? Yes, but we’re already one of the highest paid jobs in the market. A long-haul truck driver can make $70,000 to $80,000+. The issue is more about attracting young people to an occupation that requires you to travel away from home. In Ontario, for example, our largest trading partners after Michigan are states like California and Texas. That’s long-haul trucking. That’s a challenge for some people entering our industry for the first time. Some companies are trying modified work schedules and other approaches to attract people.

What can be done to attract more young drivers to the industry?

We are working with partners who are doing research to find out different ways to attract millennials to our sector. That’s an ongoing project. We’re looking for companies to treat drivers with the highest level of respect possible so we have no issues recruiting people to our sector.

What would you say to a young person about why he or she
should consider a career in trucking?

Opportunity – endless opportunity. You may start as a truck driver and you may have a passion for it that lasts a lifetime. Many do. Some occupy the occupation of truck driver for 25 to 30 years. Many begin as a driver then work their way into the office and into management positions. In a lot of cases the owners of trucking companies start as drivers. There’s opportunity from office to management to truck driving to owners

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