Brookfield Asset Management, through its private equity group, has acquired the stock of Millard Refrigerated Services – Canada.
The sale, which closed May 31, 2013, includes the Millard facilities located in Brampton, Ontario, and Calgary, Alberta. Financial terms were not disclosed.
Millard, a reefer warehousing and distribution company, plans to use the funds from the sale to focus on U.S. customers by investing in warehousing opportunities and value-added solutions, and anticipates expanding some facilities to accommodate growth. The company will also dedicate resources for the continued development of its Millard Maritime facility in Theodore, Ala.
The sale of the Canadian unit allows the Millard team to focus on these activities in the U.S., said Lance Larsen, Millard’s president and CEO, in a written statement.