Canada Cartage gets new private equity owners

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Canada Cartage will quickly have new possession, with United Arab Emirates-based non-public fairness agency Mubadala Capital reaching an settlement to buy the enterprise.

Canada Cartage has 33 services throughout Canada, offering devoted transportation and logistics companies. It ranked eighth on the Right this moment’s Trucking Prime 100 checklist of for-hire carriers, with 1,205 tractors, 2,340 trailers, and 315 straight vans. The fleet most just lately expanded by buying Mackie Transferring Programs.

(Photograph: Canada Cartage)

“We’ve constructed our non-public fairness enterprise by partnering with distinctive administration groups that run nice corporations,” stated Adib Martin Mattar, head of personal fairness at Mubadala Capital.

“Canada Cartage is a major instance of each, and one which operates in a sector the place we’ve got important experience: enterprise companies. Since its founding in 1914, the corporate has grown to play a crucial position in Canada’s economic system by supporting a variety of important sectors by means of financial cycles.”

The corporate was bought from non-public fairness agency Nautic Companions, which has owned Canada Cartage for the previous 15 years.

“Through the course of our partnership, the staff has carried out exceptionally nicely in navigating by means of quite a lot of alternatives and challenges,” stated Habib Y Gorgi, managing director of Nautic Companions. “We consider that the long run is vibrant for Canada Cartage, and we’re assured that the corporate will proceed to execute on its progress technique in partnership with Mubadala Capital.”

“We’ve loved distinctive progress since 2007 in collaboration with the staff at Nautic Companions,” added Canada Cartage president and CEO Jeff Lindsay. “Now we’re excited to companion with Mubadala Capital to assist us to proceed constructing a world-class transportation and logistics enterprise. Their staff shares our imaginative and prescient of constructing an trade chief that focuses on revolutionary provide chain options, sturdy buyer partnerships, and being an awesome place for folks to work.”

The deal is predicted to shut within the subsequent 60 days.

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