CALGARY, July 30, 2012 /CNW/ - Trimac Transportation Ltd. ("Trimac") (TSX: TMA) announced today that it has completed its acquisition of
all of the issued and outstanding shares in the capital of Liquid Cargo
Lines Limited ("LCL"). Trimac acquired the shares of LCL from McCaig
Real Estate Ltd., an affiliate of Trimac, for a purchase price of
LCL, based out of Mississauga, Ontario since 1953, has provided
specialized bulk transportation deliveries throughout Ontario, Quebec
and the United States with a focus in chemicals and asphalt. The assets
of LCL include 42 trailers, 22 company owned power units in addition to
8 owner operator units and a lease of a 13 acre property in
Immediately prior to the closing of the acquisition, through a series of
transactions, McCaig Real Estate Ltd. acquired the shares of LCL from
an arm's length third party and purchased from, and leased back to, LCL
the 13 acre property located in Mississauga, Ontario where LCL's branch
is located and where National Tank Services currently operates a tank
wash facility. McCaig Real Estate Ltd. is controlled by Jeffrey J.
McCaig, the Chairman and Chief Executive Officer of Trimac. The
transaction was reviewed and unanimously approved by the independent
directors of Trimac and supported by independent appraisals of both the
rolling stock and the real property.
In commenting on the transaction, Ed Malysa, President and Chief
Operating Officer of Trimac, stated "Trimac is extremely pleased to
have completed the acquisition of LCL and welcomes its employees to the
Trimac team. The 13 acre Mississauga property includes mechanical shop
facilities, commercial tank washing (currently leased and operated by
NTS), administrative offices and parking. The property is strategically
located and will facilitate Trimac's future growth requirements in this
key geographic market. By leasing the LCL facility, rather than
purchasing it, Trimac can employ a higher amount of its available
capital to earn more attractive financial returns in its trucking and
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.
For further information:
Edward V. Malysa
President and Chief Operating Officer
Trimac Transportation Ltd.
Scott D. Calver
Vice President and Chief Financial Officer
Trimac Transportation Ltd.