The privatization of Canadian specialty trailers manufacturer Manac Inc (TSX: MA) has been completed. As previously reported by PE Hub Canada, Manac agreed in August to be bought by a group made up of Marcel Dutil, the company’s founder, the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and Fonds Manufacturier Québécois. The deal valued Manac at $186 million. U.S. private equity firm American Industrial Partners was among the shareholders who signaled early agreement to the arrangement. Manac, which is based in Saint Georges, Québec, is expected to see its shares delisted from the Toronto Stock Exchange by October 8th.
Manac announces completion of privatization by a group of Québec investors led by the Dutil family
SAINT-GEORGES, QC, Oct. 7, 2015 /CNW Telbec/ – Manac Inc. (TSX: MA) (“Manac” or the “Company”), a North American leader in the design and manufacture of specialty trailers, announced today the successful completion of the previously announced statutory arrangement under the Business Corporations Act (Québec) (the “Arrangement”) pursuant to which a consortium (the “Consortium”) composed of Placements CMI Inc. (“CMI”), Caisse de dépôt et placement du Québec (“CDPQ”), Fonds de solidarité FTQ (“FSTQ”), Investissement Québec and Fonds Manufacturier Québécois II s.e.c. indirectly acquired all of the issued and outstanding multiple voting shares and subordinate voting shares of the Company (the “Shares”). The former holders of Shares (the “Shareholders”), other than CMI, CDPQ, FSTQ and LITUD Inc., a holding corporation controlled by Mr. Charles Dutil, will receive $10.20 in cash per Share.
The Consortium has delivered to Computershare Investor Services Inc. (“Computershare”), the depositary for the Arrangement, sufficient funds to enable it to make payments to the Shareholders pursuant to the terms of the Arrangement.
Letters of transmittal have been mailed to registered Shareholders and are also available under the profile of Manac at www.sedar.com. The letter of transmittal explains how registered Shareholders can deposit and obtain payment for their Shares. Registered Shareholders must return their duly completed letters of transmittal to Computershare in order to receive the consideration to which they are entitled for their Shares. Non-registered Shareholders should carefully follow the instructions from the broker, investment dealer, bank, trust company, custodian, nominee or other intermediary that holds Shares on their behalf.
It is anticipated that the Company’s subordinate voting shares will be delisted from Toronto Stock Exchange at the end of trading on or about October 8, 2015.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. Manac offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chassis, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Peerless®, Darkwing®, UltraPlate®, UltravanTM and Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, energy, mining, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, QC, Penticton, BC as well as Oran and Kennett, MO.
Forward looking statements
Certain statements set forth in this press release may constitute forward-looking statements within the meaning of securities legislation. These forward-looking statements include, but are not limited to, statements relating to Manac’s expectation with respect to the timing of the delisting of the subordinate voting shares from Toronto Stock Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. Unless otherwise required by applicable securities laws, Manac disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this news release is based on information available as of the date of the release.
SOURCE Manac Inc.
Julie Demers, Director, Legal Affairs, Manac Inc., Email: firstname.lastname@example.org, Telephone: 418-228-2018
Photo courtesy of Manac Inc