Manitoulin Global Forwarding has purchased Canfleet Logistics Ltd. of Vancouver, British Columbia.
The deal is the latest of a number of investments Manitoulin has made in Western Canada in recent years to build its offerings and coverage in the region.
According to Dwayne Hihn, president, Manitoulin Global Forwarding, the purchase of Canfleet, with its export capabilities to Asia, also strengthens Manitoulin's access to high-growth Asian markets, and advances its overall global reach.
"In order to continue to meet our customers’ emergent needs, Manitoulin is maintaining a trajectory of steady growth by acquiring businesses that improve our geographic reach or which provide high-quality offerings that complement our own," he said.
"Canfleet delivers on both accounts with improved access to Asia and excellent exportation capabilities that mirror Manitoulin's importation strengths. We now have the expertise and volume capabilities to create greater efficiencies for our customers, whether exporting or importing, to Asia or around the world."
Founded in 2005, Canfleet provides integrated logistics solutions, ocean freight operations, and global supply chain management to customers in the lumber, agriculture, scrap metal, and automobile export industries. It also provides refrigerated transportation for perishable goods.
Under the purchase agreement, all Canfleet employees, including its founder and former owner, and all assets have transferred to Manitoulin Global Forwarding, a member of the Manitoulin Group of Companies.
Massive Trucking Deals Moving Forward
A couple of significant deals in the trucking world, announced earlier this summer, are progressing smoothly according to statements released this week.
In Montreal, TransForce announced that its indirect, wholly-owned subsidiary, 2420785 Ontario Inc., will purchase 2,507,163 additional Class A subordinate voting shares of Contrans Group Inc. for CA$14.60 a share.
The company has already acquired 30,261,189 Class A subordinate voting shares. With the additional shares, it will have acquired 96.7% of the issued and outstanding Class A subordinate voting shares on a fully-diluted basis.
The company has acquired 100% of the Class B multiple voting shares.
When the deal was announced in July, it was estimated to be worth upward of CA$495 million.
Meanwhile, in Okotoks, Alberta., the Mullen Group has announced that it has closed its investment transaction in a new transportation and logistics company, called Kriska Transportation Group Ltd.
Mullen is partnering with Mark Seymour of Kriska Holdings Ltd. to create the new growth-orientated company.
Mullen Group contributed its interest in Mill Creek Motor Freight L.P. in exchange for a 30% equity interest in Kriska Transportation.
Mark Seymour contributed his interest in Kriska Holdings Limited in exchange for a 70% equity interest in Kriska Transportation.
Both Mill Creek and Kriska Holdings will operate as wholly owned subsidiaries of Kriska Transportation.