UAE - Mubasher: Mubadala Capital has entered into a definitive agreement to take over Canada Cartage, the leading short-haul trucking and logistics business in Canada.
Expected to close in the next 60 days, the transaction is subject to customary closing conditions, including receipt of Canadian regulatory approvals, according to a recent press release.
Mubadala Capital is the wholly-owned asset management subsidiary of Mubadala Investment Company, a $284 billion global sovereign investor headquartered in Abu Dhabi.
Canada Cartage is a leading logistics platform that offers dedicated national fleet solutions, general freight services, managed transportation, fulfilment & distribution, and home delivery services to some of Canada’s largest blue-chip companies.
Moreover, it currently operates through a network of 33 facilities across Canada and is comprised of two business segments, namely Dedicated Transportation and Logistics.
Head of Private Equity at Mubadala Capital, Adib Martin Mattar, said: “Since its founding in 1914, [Canada Cartage] has grown to play a critical role in Canada’s economy by supporting a wide range of essential sectors through economic cycles. The events of the last two years have reinforced how important it is to effectively manage the supply chain, for companies as well as consumers.”
President and CEO of Canada Cartage, Jeff Lindsay, added: “We have enjoyed exceptional growth since 2007 in collaboration with the team at Nautic Partners. Now we are excited to partner with Mubadala Capital to help us to continue building a world-class transportation and logistics business.”
Scotiabank is acting as exclusive financial advisor to Mubadala Capital and CIBC World Markets is acting as exclusive financial advisor to Canada Cartage. BMO Capital Markets, Bank of Nova Scotia, and RBC Capital Markets acted as joint bookrunners and co-lead arrangers for the financing provided to Mubadala Capital.