Trimac Completes Privatization

The $170 million management buy-out of Trimac Corporation (Trimac), a public multinational trucking company based in Calgary, closed on November 23, 2000, following approval of the deal by Trimac shareholders and by the Court of Queen’s Bench of Alberta on November 21, 2000. Pursuant to the transaction, all outstanding shares of Trimac were acquired by a company controlled by members of the McCaig family. The Merchant Banking arm of the Ontario Teachers’ Pension Plan Board provided equity and subordinated debt financing for the transaction, and now holds an approximately 20 per cent equity position in Trimac.

Acting for Trimac was a team from Macleod Dixon LLP comprised of Kevin Johnson, Jack MacGillivray, Don Tse and Tim Richardson with tax assistance from James McKee, Ed Heakes and Craig Maurice. Torys acted for Ontario Teachers’ Pension Plan Board. The Torys team was comprised of Steve Donovan, Adam Delean, William Charnetski and Shawn Beber, with assistance from John Unger (tax) and Dennis Mahony (environmental).

Senior debt financing was provided by The Bank of Nova Scotia, represented by Leland Corbett, assisted by Jessica Green of the Calgary office of Stikeman Elliott. Pat Finnerty and Jacquie Moore of Blake, Cassels & Graydon LLP’s Calgary office acted for the special committee of the board of directors of Trimac.