COMPETITION WATCH: Canada Cartage acquired by US equity firm

Avatar photo

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

Avatar photo

Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry.


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 Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.

*