On November 1, 2025, UPS completed its acquisition of Andlauer Healthcare Group Inc. (“AHG”), a leading North American supply chain management company headquartered in Vaughan, Ontario that provides customized third-party logistics and specialized cold chain transportation solutions for the healthcare sector. The transaction was completed by way of a plan of arrangement under the Business Corporations Act (Ontario), pursuant to which UPS acquired all of the issued and outstanding multiple voting shares and subordinate voting shares of AHG for cash consideration of $55.00 per share, representing a total purchase price of approximately $2.2 billion (US$1.6 billion). AHG's subordinate voting shares were subsequently delisted from the Toronto Stock Exchange.
The acquisition reinforces UPS Healthcare's position as a global leader in complex healthcare logistics and extends its temperature-controlled and cold chain capabilities across North America. AHG, founded by Michael Andlauer, brings a coast-to-coast Canadian distribution network and complementary third-party logistics, ground transportation, and specialty dedicated services to UPS Healthcare's existing 17 million square feet of compliant healthcare distribution space worldwide. Michael Andlauer continues to lead the combined Canadian business as head of UPS Canada Healthcare and AHG. The deal follows UPS's earlier 2025 acquisition of Germany-based Frigo-Trans and marks one of the company's most significant healthcare investments to date.
Stikeman Elliott LLP acted as lead Canadian counsel to UPS, with a team that included John Ciardullo, John Laffin, Navin Kissoon, David Morson, Stephanie Gill, Adriana Conti, Sandra Elashmouny, and Shayan Mehri (M&A/Securities); Michael Kilby, David Feldman, and Fiona McGuinty (Competition); Dean Kraus and Ashley Rasmussen (Tax); Kathleen Chevalier, Stephanie Weschler, Kristopher Noonan, Ashley Mulrooney, and Antoine Métayer (Employment); Jordan Fremont and Priya Sharma (Benefits); Jeilah Chan (IP); Shawn Smith and Sara Shayan (IT); Sara Zborovski and Ian Trimble (Regulatory); Neil Shapiro and Mario Bozzo (Real Estate); Patrick Welsh (Environmental); Warren Ferguson (Sanctions); Sarah Matthews and Amanda Fulton (Corporate Clerk); and Judy Castiglione (Corporate Search Clerk). King & Spalding LLP also advised UPS, and BofA Securities acted as UPS's financial advisor.
Goodmans LLP acted as legal counsel to AHG with a team that includes Brad Ross, Emily Hamovitch, Jamie Van Diepen, Jay Piett, Shea Neals, Duncan Lurie, David Rosner, Kate McNeece, Jon Northup, Michael Royal, Tommy Friedlich, David Nadler, Peter Kolla, Susan Garvie, Amalia Berg, Owen Gaffney, Brian Sweigman, Tyler D’Angelo, and Joanna Rosengarten. CIBC Capital Markets acted as financial advisor to AHG, its Board, and the special committee.
