SAINT-GEORGES, QC– Canada’s largest trailer builder, Manac, has been transferred from public to private ownership. The announcement was made Thursday.
The original founding Dutil family will be among the consortium of new owners. Media reports say the Dutils will be investing $36 million in the private company while Quebec’s pension fund manager, its Quebec manufacturing fund, a labor fund and Investissement Quebec are providing $104 million in equity investments and loans.
Manac was spun off from the Canam Manac Group in 2004 and taken public in 2013.
Charles Dutil, Manac president and CEO, will remain in his current position.
Commented Dutil: “Reaching this conclusion is a great step for Manac, our employees and all of our business partners. We look forward to a long collaboration with this group of investors, most of which we have collaborated with in the past.”
Last year, Manac reported revenue of $331 million and net income of $10 million.
Current shareholders of the company were offered $10.20 in cash, a premium of 12.4 percent on the last TSE closing price.
“This transaction puts Manac back under full Quebec control and will give good stability to ownership. Our partners will play an important role in the new phase of Manac’s growth. The business will be 50 years old next year, and this transaction is an important step for its continuity and its strong presence in Quebec,” the Dutil family said in a prepared statement.
Manac builds vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chassis, chip and logging trailers under the recognized brands Manac, CPS, Peerless, Darkwin, UltraPlate, Ultravan, Sconaand Liddell Canada.
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