Canadian mid-market private equity firm TorQuest Partners has invested in Cando Rail Services Ltd, a Brandon, Manitoba-based provider of specialized rail support services.
No financial terms were released.
Founded in 1978 by Gord Peters and Rick Hammond, Cando provides a range of rail services that help industrial customers optimize bulk material supply chains and connect to Class 1 railways.
Supported by more than 25 North American locations, the company moves over $22 billion of product annually.
TorQuest Principal Jonathan Fraser said his firm will work with Cando’s employee shareholders to continue growing the core business.
TorQuest is currently investing from TorQuest Partners Fund IV, which raised $925 million in 2016.
TorQuest Partners Invests in Cando Rail Services Ltd.
Toronto, Ontario – November 8, 2018 – TorQuest Partners (“TorQuest”) today announced an investment into Cando Rail Services Ltd. (“Cando”), a provider of specialized rail support services that allow industrial customers to optimize their bulk material supply chain and connect to Class 1 railways. Terms of the transaction were not disclosed.
Co-founded by Gord Peters and Rick Hammond in 1978, and based in Brandon, Manitoba, Cando has a workforce of over 600 employees who help their customers optimize bulk material supply chains at more than 25 locations across North America, by providing a wide range of rail services. There will be no changes to the company’s day-to-day operations or management as a result of the transaction.
“I am very proud of how far Cando has come, and this transaction marks the next stage of the company’s evolution,” said Gord Peters, Co-Founder of Cando, who will remain invested in the business, and a member of the Board of Directors. “TorQuest’s investment speaks volumes about the quality of Cando’s employees, assets, and operational capabilities. An important component of Cando’s success has been its focus on employee ownership and that program will continue. The Board also remains firmly committed to continuing to support the Brandon community and every community where we operate.”
“Since Cando was founded in 1978, it has built a very successful business, achieved tremendous growth, and solidified its leading position in the market,” said Jonathan Fraser of TorQuest. “We are pleased to have partnered with Cando’s employee shareholders and will work alongside them to help grow the company’s core business by continuing to leverage their strengths in operational performance, commitment to safety, and outstanding customer service.”
Brian Cornick, CEO of Cando, stated that “The company is very well positioned to benefit from growing demand for first-mile/last-mile rail logistics solutions. We welcome TorQuest’s investment and look forward to leveraging our market leadership position with an enhanced balance sheet and deep access to capital, in order to deliver more services to more customers in more markets.”
About Cando Rail Services
Established in 1978, Cando Rail Services helps customers optimize their bulk material supply chains at more than 25 locations across North America, providing a wide range of rail services, including: industrial switching, material handling, logistics, terminal & transload services, mechanical services, railcar storage, and engineering & track services. For more information, please visit www.candorail.com.
About TorQuest Partners
Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$2 billion of equity capital under management, TorQuest invests in middle market companies, and works in close partnership with management to build value. To learn more about TorQuest Partners, visit www.torquest.com.
Cando Rail Services Julie Pomehichuk firstname.lastname@example.org
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