TorQuest Partners and Alberta Investment Management Corporation (AIMCo) have agreed to purchase a 100% equity holding in Cando Rail & Terminal.
The companies signed a definitive agreement in this regard. Financial terms of the deal were not shared.
Cando is claimed to be one of North America’s largest owners and operators of first and last-mile rail infrastructure.
By connecting large industrial shippers to the Class I rail network, Cando acts as a key and integrated link in the rail supply chain.
The company, which was established in 1978, manages an interconnected network of more than 40 industrial railyards, nine owned terminals, and one short-line railroad.
This network, along with more than 900 employees and 100 locomotives, enables Cando to better serve both shipper-customers and Class I partners.
Headquartered in Brandon, Manitoba, the firm has over 400 active employee shareholders who together have a 25% interest in the firm.
Cando president and CEO Brian Cornick said: “TorQuest has been an excellent partner for us. Their commitment to investing in our business and our people has provided Cando with an exceptional platform for continued growth and success.
“We are delighted with the success of our partnership with TorQuest and excited about the next chapter of our business evolution in partnership with AIMCo.”
The deal awaits regulatory nod, with completion anticipated in the third or fourth quarter of this year.