JOC Staff | Mar 18, 2013 2:08PM EDT
Tepper Holdings has acquired a majority interest in Fastfrate Holdings, which controls Consolidated Fastfrate, Canada Drayage and related trucking and logistics operations, from a fund managed by Fenway Partners.
The transaction, completed on Monday, was unanimously supported by its board, Fastfrate said. Terms of the transaction were not disclosed.
“I am thrilled about today’s announcement and am more energized than ever about Fastfate’s future,” said Ron Tepper, chairman and CEO of Fastfrate and co-owner of Tepper Holdings. “Over the course of our 47-year history, we have built one of the most complete service offerings for transportation in Canada. With that as our foundation, Fastfrate is beginning its next phase of growth and development and is now better positioned to take advantage of the many attractive opportunities ahead. Our future is bright and I look forward to continuing to grow and diversify our revenue base, expand our business, deepen our relationships with key customers and provide consistently high-quality transportation services throughout Canada.”
Fastfrate will remain based in Woodbridge, Ontario, and maintain its regional offices through Canada. The current management team will remain in place. As part of the transaction, Fenway Partners will remain a substantial minority investor in Fastfrate and invest additional capital in the business.