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Monday, November 4, 2024
Home News Fleet Mubadala reaches deal to buy logistics player Canada Cartage

Mubadala reaches deal to buy logistics player Canada Cartage

Canada Cartage provides dedicated national fleet solutions, general freight services, managed transportation, fulfilment and distribution, and home delivery services to some of Canada’s largest blue-chip companies

Abu Dhabi-based Mubadala Capital, an asset management subsidiary of Mubadala Investment Company, has reached a definitive agreement to acquire leading logistics platform Canada Cartage,

The firm currently operates through a network of 33 facilities across Canada and is comprised of two business segments, Dedicated Transportation and Logistics.

The logistics platform is particularly notable for providing some of Canada’s biggest companies in the grocery, food, retail, and e-commerce sectors with dedicated national fleet solutions, general freight services, managed transportation, fulfilment and distribution, and home delivery services.

According to UAE news site WAM, the Dedicated Transportation business provides its customers with expert management of their transportation needs, allowing them to realise cost efficiencies and reallocate resources towards core operations. This segment secures essential transportation and distribution services that are embedded into customer operations and are predominantly comprised of contracted partnerships with customers that in many cases span decades and multiple economic cycles.

It added that the company’s Logistics business provides asset-light supply chain solutions including freight management of both inbound and outbound goods, order and inventory management, warehousing, fulfillment, and final delivery to both B2C and B2B end-consumers.

“We have built our private equity business by partnering with exceptional management teams that run great companies,” said Adib Martin Mattar, head of Private Equity at Mubadala Capital. “Canada Cartage is a prime example of both, and one that operates in a sector where we have significant expertise, which is 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 legacy and support its next phase of growth.”

Jeff Lindsay, CEO, Canada Cartage, added: “We are excited to partner with Mubadala Capital to help us to continue building a world-class transportation and logistics business. Their team shares our vision of building an industry leader that focuses on innovative supply chain solutions, strong customer partnerships, and being a great place for people to work.”

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, reported WAM.

The transaction is subject to customary closing conditions, including receipt of Canadian regulatory approvals, and is expected to close in the next 60 days.

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Stephen Whitehttps://truckandfleetme.com/
Stephen White was formerly editor of Big Project ME.
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