Fastfrate Group completes majority acquisition of Challenger Group
by CM Staff
As part of the acquisition, Challenger Group will continue to operate independently under incoming CEO Jim Peeples.
TORONTO — Fastfrate Group has officially completed its majority acquisition of Challenger Group following Competition Bureau Canada approval on August 2, 2022.
Fastfrate now reports that it has 40 locations operating across Canada and the United States, and is an independent transportation and supply chain company in Canada. This includes LTL, TL, intermodal, drayage, logistics, warehousing, distribution services, home delivery, e-commerce, and more.
As part of the acquisition, Challenger Group will continue to operate independently under incoming CEO Jim Peeples. Manny Calandrino will remain CEO of Fastfrate Group. Current employees and management teams at both organizations will not be impacted by the transaction.
Loopstra Nixon LLP acted as legal counsel and Ernst & Young Orenda Corporate Finance Inc. acted as financial advisor to Fastfrate Group. Scotiabank and Whiteshell Advisory Inc. acted as financial advisors and Gowling WLG served as legal counsel to Challenger Group.