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Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, announced a definitive agreement to acquire Canada Cartage, a leading logistics platform.
According to the Emirates News Agency, Canada Cartage provides dedicated national fleet solutions, general freight services, managed shipping, fulfillment and distribution, and home delivery to some of the largest blue-chip companies in Canada’s grocery, food, retail and e-commerce sectors.
Canada Cartage currently operates through a network of 33 facilities across Canada and consists of two business units, Dedicated Transportation and Logistics.
Dedicated transportation operations provide their clients with expert management of transportation needs, enabling them to achieve cost efficiencies and reallocate resources to core operations. This segment secures essential transportation and distribution services embedded in customer operations and consists primarily of contractual partnerships with customers, in many cases spanning decades and multiple economic cycles.
The company’s logistics business provides asset-light supply chain solutions to B2C and B2B end consumers, including freight management of incoming and outgoing goods, order and inventory management, warehousing, fulfillment and final delivery.
In both businesses, Canada Cartage is deeply integrated into its customers’ supply chains to develop and maintain long-term customer relationships and operational efficiencies.
Adib Martin Mattar, Head of Private Equity at Mubadala Capital, said: “We built our private equity business by partnering with exceptional management teams that run great companies. Cartage Canada is a prime example of both, and operating in an industry “We have significant expertise, i.e. business services. We look forward to continuing to work with Canada Cartage’s management team, employees and customers to build on the company’s strong heritage and support its next phase of growth. “
Jeff Lindsay, President and CEO of Canada Cartage, said: “We are delighted to be partnering with Mubadala Capital as we continue to build a world-class transportation and logistics business. Their team shares our commitment to creating an industry leader focused on innovation. .Supply chain solutions, strong customer partnerships, and being a great place for people to work.”
Mubadala Capital is a differentiated and value-added investor that seeks proprietary opportunities and actively leverages Mubadala Investment Company’s global network in its various business activities. Its highly disciplined and institutionalized process of evaluating investment opportunities provides a unique advantage to its investors’ interests.
Scotiabank acted as exclusive financial advisor to Mubadala Capital and CIBC World Markets acted as exclusive financial advisor to Canada Cartage. BMO Capital Markets, Bank of Nova Scotia and RBC Capital Markets acted as joint bookrunners and joint lead arrangers for the financing provided to Mubadala Capital.
The transaction is subject to customary closing conditions, including regulatory approvals in Canada, and is expected to close within the next 60 days.
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