SAINT-GEORGES, Que.—Trailer manufacturer Manac Inc. is being privatized by a consortium of investors and Marcel Dutil the company’s founder.
The consortium consists of Dutil, Placements CMI Inc., Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and Fonds Manufacturier Québécois II s.e.c.
This consortium will will acquire all of the issued and outstanding multiple voting shares and subordinate voting shares of the company for $10.20 in cash per share, meaning Manac has a total enterprise value of approximately $186 million, including the assumption of existing debt.
Manac will maintain its head office and main production plant in Québec and continue to support its business relationships in Canada and the U.S. where it currently conducts operations.
Charles Dutil, the Manac’s president and CEO, will roll over shares held by his holding company, LITUD, and will keep his role.
Manac’s board of directors has unanimously recommended that shareholders vote in favour of the transaction.
The proposed transaction emerged from a strategic review process announced March 30, 2015, after which Manac pursued numerous potential financial and strategic options from across North America and Europe.
“We are pleased with the culmination of the strategic review process and we are confident that the proposed transaction is favorable to Manac and its shareholders,” said special committee spokesperson Annie Thabet.
Manac will hold a special shareholders’ meeting before October 7.