Johal brothers secure financing to continue operating Pride Group Logistics
Pride Group founders Sam and Jas Johal have secured financing to continue operating Pride Group Logistics, the trucking operations of Pride Group Entities, which has been under Companies’ Creditors Arrangement Act (CCAA) proceedings since last March.
Vancouver-based Maynbridge Capital announced it has provided a term loan, saving 300 jobs and avoiding a “major liquidation event.”
The Johals engaged Maynbridge to assist with the acquisition of the trucking operations, which faced a court ordered sale.
“This partnership is a great example of why we built Maynbridge: supporting Canadian businesses when traditional banks have turned their backs,” said Dean Shillington, president of Maynbridge Capital.
“The Johal family’s determination to rebuild and grow Pride Group Logistics aligned perfectly with our approach to transitional lending. We are proud to have played a role in preserving hundreds of jobs and ensuring the continued operation of a key player in North American logistics.”
“Maynbridge Capital’s involvement was critical to securing this deal and enabling us to preserve the legacy of our family business,” added Aman Johal, president of Pride Group Logistics. “Two years of declining customer demand and rising interest rates created immense challenges, but their unique approach gave us the confidence and financial support we needed to navigate this pivotal moment for PGL.”
Maynbridge has been in business for 10 years and claims to have saved more than 100 businesses from bankruptcy, helping owners through periods of debt restructuring and unpredictable cash flows.
Last year, the court approved a sale of Pride Group Logistics to the Johal brothers for more than $56 million.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.
-
I do not understand why the federal gov did not step in and do a full investigation into books and their ( improper) use of driver inc and foreign students as truck drivers and repair personal . When almost 3 years ago a list of 9 companies that were using foreign students as truck drivers and paying them to a corp account. I was called a socialist as was the accountant for trying to clean up the industry
Certain large companies said freight costs would go up so asked both the fed and ont gov to not do a investigation that could probably made it better for drivers in my opinion
The lender of last resort ( at usurious rates, no doubt) partners with the least ethical trucking business operators in Canada to continue their profiteering and mismanaging ways. What could go wrong?
This wiil end badly. Their record shows a complete disregard for sound financial operations
I guess Maynbridge have deeper pockets and lot more gray matter than the banks! There should have been an investigation into the massive fraud that occurred and will occur once again now that they have financing in place. The damaged that they have done to the industry is nothing short of devastating and who now’s what they can do this time around.
Seriously – you say your values aligned, what a ridiculous comment… legitimately these people stole from corporate banking/financial lenders and you want to promote ethical practices…. Good LUCK!
So the brothers have found another future financial victim. This changes nothing regarding the johals way of doing business. Maynebridge is throwing good money after bad. All of there equipment is pretty well worn due to their special maintenance policies. They should have looked behind them when they felt the draft up their backside. Guarantee there was smoke..