Trailerbodybuilders 748 Manac Flatbed2
Trailerbodybuilders 748 Manac Flatbed2
Trailerbodybuilders 748 Manac Flatbed2
Trailerbodybuilders 748 Manac Flatbed2
Trailerbodybuilders 748 Manac Flatbed2

Manac to Be Privatized by Group of Quebec Investors Led by Dutil Family

Aug. 14, 2015
Manac Inc., largest manufacturer of semi-trailers in Canada, has entered into a definitive arrangement agreement in which a consortium will acquire all of the issued and outstanding multiple voting shares and subordinate voting shares for $10.20 in cash per share.

Manac Inc., largest manufacturer of semi-trailers in Canada, has entered into a definitive arrangement agreement in which a consortium will acquire all of the issued and outstanding multiple voting shares and subordinate voting shares for $10.20 in cash per share.

The consortium includes Placements CMI Inc. (CMI), Caisse de dépôt et placement du Québec (CDPQ), Fonds de solidarité FTQ (FSTQ), Investissement Québec (IQ) and Fonds Manufacturier Québécois II s.e.c. (FMQ). The founding Dutil family is committing $36 million, and the deal values Manac at $186 million. Charles Dutil will remain as president.

Said Dutil, "Reaching this conclusion is a great step for Manac, our employees and all of our business partners. We look forward to a long collaboration with this group of investors, most of which we have collaborated with in the past."

The company, which was spun off from the Canam Manac Group in 2004, went public in 2013. Manac has a plant in St. Georges-de-Beauce and two in Missouri.

In the 2014 fiscal year, Manac reported revenue of $331 million and net income of $10 million.

The proposed transaction emerged from the strategic review process announced by the company on March 30, 2015, and pursuant to which the company contacted and was contacted by numerous potential financial and strategic purchasers from across North America and Europe. The process and negotiations of the transaction with the consortium were supervised by a special committee of the Board of Directors composed solely of independent directors.

Speaking on behalf of the special committee, Annie Thabet stated: "We are pleased with the culmination of the strategic review process and we are confident that the proposed transaction is favorable to Manac and its shareholders."