Trucking and logistics service provider Trimac to go private
The Calgary-based transport company anticipates the privatization will be complete by the end of June, 2016
CALGARY—Trimac Transportation Ltd.’s board of directors has approved a plan to privatize the company.
Under the proposed transaction, all shareholders other than those participating in the privatization will receive $6.25 in cash for each share.
The shareholders participating in the privatization consist of Trimac’s principal shareholder, Trimac Holdings Ltd., and members of the McCaig family.
THL is indirectly controlled by Jeffrey J. McCaig, the Chairman of Trimac.
The Special Committee retained Deloitte LLP to provide an independent formal valuation.
The arrangement is subject to shareholder and court approvals, including the minority shareholder approval.
If all approvals are received, and other closing conditions satisfied, the arrangement is expected to be completed on June 30, 2016.
A subsidiary of THL formed for the purpose of acquiring the shares has entered into an agreement with Alberta Treasury Branches to act as a lender and lead arranger under a syndicated credit facility for the financing of the transaction, subject to the satisfaction of closing conditions.
Trimac provides bulk trucking services with operations from coast to coast in Canada. In addition, through National Tank Services, it provides maintenance and tank-trailer cleaning services for both its own fleet and for third party commercial customers. Trimac also provides third party transportation logistics services through its wholly owned subsidiary Bulk Plus Logistics.