Edmonton, Alberta-based RTL-Westcan Limited Partnership (RTL-Westcan), a leading hauler of bulk commodities in Western and Northern Canada, completed the sale of substantially all of its assets.
The ownership group of RTL-Westcan included TriWest Capital Partners (TriWest), one of Canada's leading private equity firms, members of the RTL-Westcan senior management team and others.
The transaction was completed in two stages. On Nov. 15, 2013, the operating business of RTL-Westcan was sold to North Canton, Ohio-based Kenan Advantage Group (Kenan), North America's largest tank truck transporter and logistics provider, for an undisclosed amount. On Jan. 14, 2014, substantially all of RTL-Westcan's industrial real estate properties were sold to Edgefront Realty Corp., in connection with its conversion into a real estate investment trust (Edgefront) for $68 million by way of a combination of cash and REIT units.
Edgefront is a growth oriented real estate investment trust focused on the acquisition, ownership and management of industrial properties.
The Kenan team was led by Dennis Nash, Carl Young, Charlie DeLacey and Jacqueline Musacchia. Norton Rose Fulbright Canada LLP acted as Canadian counsel to Kenan with a team led by Bradley Hayden and that included Ian MacRae, Rujuta Patel, Dion Legge, Rick Borden, Lincoln Mitchell, Mark Rogers, Bradley Schneider, Meredith MacDonald, Erin Ludwig, Mike Bolitho, Theresa Kim and David Kolesar.
Buckingham Doolittle & Burroughs, LLC acted as Kenan's United States counsel with a team led by Dustin Vrabel and that included Robert Malone, Jon Stefanik and Sarah Eades.
Edgefront was led by its CEO Kelly Hanczyk and its CFO Rob Chiasson.
Edgefront was represented by Blake, Cassels & Graydon LLP with a team led by William Fung that included Jennifer Woo, Adam Garetson, Adrian Cochrane, Andrew Spiro, Ian Caines, Ryan Morris, Garth Anderson, Morgan Quinn and Alison Desipio.
The RTL-Westcan team was led by Cody Church, Norm Rokosh and Chad Danard of TriWest, along with Tom Kenny and Grant Mitchell of RTL-Westcan. RTL-Westcan was also represented by Bennett Jones LLP with a team led by Bryan Haynes and that included Kahlan Mills, Ron Barron, Scott Bodie, Pat Brennan, Beth Riley, James McClary, Jeremy Russell, Tariq Remtulla and Eric Chernin.