Manitoulin Transport has made a strategic investment in an Alberta crane and heavy-haul company.
The Gore Bay-headquartered trucking company has acquired 6,020,200 common shares of ENTREC at a price of $0.32 per common share, which represents approximately 5.6 per cent of ENTREC’s issued and outstanding common shares.
The acquisition gives Manitoulin Transport beneficial ownership of approximately 15.4 per cent of the issued and outstanding common shares of ENTREC on a non-diluted basis.
ENTREC is an employee-owned heavy-haul and crane solutions provider that serves the oil and natural gas, construction, petrochemical, mining, and power generation industries. It is based out of Acheson, Alta.
In a news release, Manitoulin said the acquisition was done for “investment purposes.”
"We are excited to have made this strategic investment in ENTREC," said Gord Smith, Manitoulin’s CEO, in the release. "ENTREC already supports many of our heavy-haul transportation requirements and we have been watching ENTREC closely over the past few years as they have grown to become a best-in-class service provider to both the crane and heavy-haul transport industries. We are excited to continue to work with ENTREC both as a customer and now also a strategic investor.”
Manitoulin Transport provides truckload, less-than-truckload, trans-border, rail intermodal, and specialized transportation services from over 100 locations across Canada. It has been in business for more than 50 years.
Its headquarters remain in Gore Bay on Manitoulin Island, which is located along the North Shore of Lake Huron.
