(Reuters) – Manac Inc (MA.TO), the largest manufacturer of truck trailers in Canada, said on Monday its board has begun a strategic review to explore a potential sale or merger.
Saint Georges, Québec-based Manac, which makes flatbeds and other specialty trailers like grain hoppers and logging trailers that are sold across Canada and the United States, said plans to continue normal business activities through the strategic review process, and its business operations will be unaffected.
Manac said it has engaged Stifel as its financial advisor in connection with this review process. The company said there can be no assurances that the process will lead to a transaction.
The company that began operations in the mid-1960s went public in September 2013. Two of Québec’s largest fund managers, the Fonds de Solidarité FTQ and the Caisse de depot et Placement du Quebec, together own about 30 percent of Manac’s shares, according to Thomson Reuters‘ data.
Update: Manac is also a current portfolio company of U.S. private equity firm American Industrial Partners (AIP), according to the firm’s website. AIP partners Paul Bamatter and Joel Stanwood sit on the company’s board of directors.
(Reporting by Euan Rocha; Editing by Chizu Nomiyama and Nick Zieminski)
(This story has been edited by Kirk Falconer, editor of peHUB Canada)
Photo courtesy of Manac Inc