Canada Cartage will soon have new ownership, with United Arab Emirates-based private equity firm Mubadala Capital reaching an agreement to purchase the business.

Canada Cartage has 33 facilities across Canada, providing dedicated transportation and logistics services. It ranked 8th on the Today’s Trucking Top 100 list of for-hire carriers, with 1,205 tractors, 2,340 trailers, and 315 straight trucks. The fleet most recently expanded by acquiring Mackie Moving Systems.

“We have built our private equity business by partnering with exceptional management teams that run great companies,” said Adib Martin Mattar, head of private equity at Mubadala Capital.

“Canada Cartage is a prime example of both, and one that operates in a sector where we have significant expertise: business services. Since its founding in 1914, the company has grown to play a critical role in Canada’s economy by supporting a wide range of essential sectors through economic cycles.”

The company was purchased from private equity firm Nautic Partners, which has owned Canada Cartage for the past 15 years.

“During the course of our partnership, the team has performed exceptionally well in navigating through a variety of opportunities and challenges,” said Habib Y Gorgi, managing director of Nautic Partners. “We believe that the future is bright for Canada Cartage, and we are confident that the company will continue to execute on its growth strategy in partnership with Mubadala Capital.”

“We have enjoyed exceptional growth since 2007 in collaboration with the team at Nautic Partners,” added Canada Cartage president and CEO Jeff Lindsay. “Now we are excited to partner with Mubadala Capital to help us to continue building a world-class transportation and logistics business. Their team shares our vision of building an industry leader that focuses on innovative supply chain solutions, strong customer partnerships, and being a great place for people to work.”

The deal is expected to close in the next 60 days.