TORONTO, Ont. — A US equity firm has acquired Canada Cartage as part of a deal worth more than $140 million, the company confirmed on Friday.
Nautic Partners CI LP of Providence, R.I. has agreed to pay $11.30 per share to acquire the income fund. Canada Cartage offers trucking, warehousing, distribution and logistics services in 12 Canadian cities. It operates more than 1,500 trucks and 1,900 trailers and owns more than a million square feet of distribution and warehousing space.
The $11.30 per share offering is 27% more than the funds Apr. 30 closing price of $10.33.
“The other partners of CCD will also sell a significant portion of their interests in CCD to the purchasers at the same $11.30 per unit price and will continue their remaining interests in partnership with the purchasers,” the fund said in a release.
The deal is likely to be approved in latee June.
– With files from the Canadian Press
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