CHARLOTTE, N.C., Aug. 3, 2016 /PRNewswire/ -- Deloitte Corporate Finance LLC (DCF) and Deloitte Corporate Finance Inc. (DCFI) acted as financial advisor to Coastal Pacific Xpress Inc. (CPX) in its sale to VersaCold Logistics Services (VersaCold). The transaction closed on June 1, 2016.
Founded in 1986 and headquartered in British Columbia, Canada, CPX is a leading provider of refrigerated and temperature-sensitive transportation services throughout Canada and the United States. Leveraging its reputation for reliable and on-time delivery, CPX has positioned itself as a leading provider of transportation and logistics services to customers requiring just-in-time delivery of refrigerated and perishable goods. In fiscal year 2015, CPX generated in excess of $150 million in revenue and maintained a modern fleet of over 550 single-temp, multi-temp and dry trailer units.
"The decision to use Deloitte to assist us in finding a strategic partner that best aligned with our goals was the right choice for CPX," said Scott McIntosh, president, Coastal Pacific Xpress Inc. "The leadership, guidance and advice that Deloitte provided throughout the process was instrumental to our success in ultimately finding the right solution for our partnership group and the future of our company. Working with the Deloitte team of professionals was a very positive experience."
"The CPX management team has worked relentlessly to become a leading provider of temperature-sensitive transportation and logistics services in its served markets," said Eric Andreozzi, managing director, Deloitte Corporate Finance LLC. "Deloitte's cross-border and transportation sector experience enabled us to identify and solicit strong interest from prospective investors across Canada and the U.S., ultimately finding the right partner in VersaCold."
About Coastal Pacific Xpress Inc.
CPX is a Surrey, BC-based Road Transportation company specializing in temperature sensitive Truck Load (TL) and Less than Truckload (LTL) transportation throughout Canada and the USA. Established in 1986, CPX is BC's largest refrigerated carrier, with locations in Surrey, BC; Nanaimo, BC; Calgary, AB; Edmonton, AB; and Oakville, ON. CPX's customer base comprises some of Canada's leading companies, representing a wide array of food products and customers.
About VersaCold Logistics Services
VersaCold is Canada's largest supply chain solutions company focused exclusively on the handling of temperature sensitive products. VersaCold delivers a suite of fully integrated logistics services through its national network of industry leading facilities, transportation fleet and advanced technologies that set the benchmark for accessibility, information visualization, real-time tracking and inventory management. VersaCold is proud to play a key role in ensuring the integrity, quality and freshness of some of North America's most beloved food brands – protecting the health and wellness of families from east to west coast – through exceptional food safety and cold-chain quality assurance. Empowered by its commitment to exceptional service, performance driven culture and dedicated focus on continuous innovation, VersaCold is a trusted and valued partner to its clients – enabling business strategies and revenue growth within highly sensitive and regulated environments. For more information about VersaCold Logistics Services, please visit www.versacold.com.
About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC (DCF) provides strategic advisory services and M&A advice that help corporate, entrepreneurial and private equity clients create and act upon opportunities for liquidity, growth and long-term advantage. With an in-depth understanding of the marketplace and access to a global network of investment bankers, we help clients confidently pursue strategic transactions in both domestic and global markets. DCF, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals, who work collaboratively across 150 international locations. With our significant experience providing investment banking services across key industries, we are able to offer our clients solutions that help them to achieve their strategic objectives. For more information, please visit www.investmentbanking.deloitte.com.
About Deloitte Corporate Finance Inc.
Deloitte Corporate Finance Inc. (DFCI) is a registered exempt market dealer in Canada that provides advisory services on M&A and divestiture transactions, raising capital and other strategic corporate and financial initiatives. DCFI, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals who work collaboratively across 150 international locations. For more information, please visit www2.deloitte.com/ca/en/pages/finance/solutions/corporate-finance.html.
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