MONTREAL, Que. — TransForce Income Fund has signed an asset purchase agreement to acquire Howard’s Transport Services, headquartered in Stony Plain, Alta.
Howard’s Transport is a specialized trucking company with a fleet that moves a variety of heavy oilfield related equipment, including drill rigs. The company’s customers include drilling companies, oil and gas companies and oilfield service companies.
Howard’s Transport has operated in Western Canada since 1979 and generates annual revenues of approximately $20 million.
“The acquisition of Howard’s Transport strengthens our capabilities in the heavy-hauling segment of the energy sector,” said Alain Bdard, chairman, president and CEO of TransForce. “We are confident our unitholders will benefit from our increased participation in the vibrant oil and gas exploration business in Western Canada.”
Howard Moeller, president of Howard’s Transport, will lead the company for the next year in an advisory role. Rendel Elock will move from TransForce’s operating subsidiary Canadian Freightways to be general manager of Howard’s Transport.
The acquisition is subject to customary conditions and approvals, and is expected to close by early September.
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