Shareholders of Titanium Transportation Group have approved a plan to take the company private in a deal led by insiders and its largest shareholder.

At a special meeting held March 10, shareholders voted overwhelmingly in favor of the transaction, with 98.82% of votes cast supporting the arrangement and 95.51% approval from minority shareholders.

The deal will see TTNM Management Acquisition Limited acquire all outstanding Titanium shares for $2.22 in cash per share, excluding shares held by rollover investors. Those investors — including Titanium’s largest shareholder Trunkeast Investments Canada Limited, its affiliates and members of senior management — will exchange their existing shares for an equal number of shares in the acquiring entity.

The transaction still requires a final order from the Ontario Superior Court of Justice, with a hearing scheduled for March 18. If completed, the deal is expected to close before the end of March, after which Titanium’s shares will be delisted from the Toronto Stock Exchange, and the company will apply to cease to be a reporting issuer.

The $2.22 offer represented a 41% premium to the company’s share price prior to the deal announcement.

The transaction follows a lengthy attempt by Titanium to find an outside buyer. According to the company’s management information circular, Titanium hired a U.S.-based investment bank in June 2024 to explore a sale to private equity firms. Over the following months, the bankers contacted 97 potential buyers, held preliminary calls with 54, follow-up calls with 15, and arranged management meetings with five, but the process failed to generate sufficient acquisition interest.

After that effort stalled, CEO Ted Daniel and the company’s largest shareholder began exploring an insider-led proposal to take the company private.