Trimac Announces Letter of Intent to Acquire Fortress Transport Inc.
CALGARY, Jan. 30, 2012 /PRNewswire/ - Trimac Transportation Ltd. ("Trimac") (TSX: TMA) announced today that it has entered into a letter of intent to acquire a majority interest in the parent company of Fortress Transport Inc. ("Fortress"). The closing of the transaction remains subject to customary terms and conditions including the parties entering into a definitive share purchase agreement and the completion of due diligence.
Fortress, based in Guelph, Ontario, provides dedicated bulk transportation deliveries throughout central Canada and the United States with a focus in hazardous and non-hazardous transportation of liquid chemicals, petroleum products, and dry chemicals. The assets of Fortress include 54 tractors and 130 trailers.
In commenting on the transaction, Ed Malysa, President and Chief Operating Officer of Trimac, stated "Fortress has been recognized as a premium carrier in the chemical industry for a very long time and Trimac is pleased to have Bob Clement and his team join Trimac". Mr. Malysa goes on to say "With Bob Clement's continued management and ownership position and Trimac's North American footprint, we believe this business will provide excellent synergies and growth opportunities in our chemical operations. Fortress's key assets include a team of professional drivers with a similar safety culture and high operating standards as ours, so we are thrilled to have them on Trimac's team".
About Trimac: Trimac is Canada's largest provider of bulk trucking services with operations from coast to coast. In addition, through its National Tank Services division, Trimac performs repairs, maintenance and tank-trailer cleaning services for both the Trimac fleet and for third party commercial customers. Trimac also provides third party transportation logistics services in Canada and the United States through its wholly owned subsidiary Bulk Plus Logistics.
SOURCE Trimac Transportation Ltd.