Manitoulin Transport announced it is buying LTL giant Vitran Corp. -- a deal that would make Manitoulin one of the top five largest carriers Canada.
The deal is estimated to be worth US$128 million. According to a press release, an affiliate of Manitoulin, 2398946 Ontario Inc. is the official purchaser.
The deal is subject to the receipt of applicable regulatory approvals and other customary closing conditions.
“Together Vitran and Manitoulin Transport will become a formidable and diversified supplier for customers requiring a full suite of transportation and supply chain services in Canada and the United States," said interim president and CEO of Vitran William Deluce:
Manitoulin Transport is based in Gore Bay, Ont. Gord Smith is the president of Manitoulin and is a member of the Ontario Trucking Association board of directors.