WOODBRIDGE, Ont. — Titanium Transportation Group announced it has sold outdated equipment obtained through its acquisition of Muskoka Transport and is well positioned to make further acquisitions.
The company received $2.6 million for the equipment. It paid $1.5 million in cash for Muskoka Transport and $0.9 million in shares, while also assuming the company’s equipment financing debt.
“The sale of outdated equipment has now more than offset the $2.4 million cash and equity component of the purchase price paid for Muskoka Transport,” said Ted Daniel, CEO of Titanium Group. “The acquisition of Muskoka Transport has created significant value for our shareholders with Titanium increasing EBITDA margins from 4% to over 12% on revenue of approximately $25 million. We are actively pursuing further acquisitions and are fully funded to execute our acquisition strategy in 2016.”