Trimac Income Fund has announced that Trimac Transportation Services Limited Partnership has completed the purchase of the Alberta based business and assets of Logistics Express, Inc.
Logex is engaged in the transportation of liquefied gases such as oxygen, nitrogen and carbon dioxide primarily on behalf of industrial gas manufacturers. The fleet acquired includes 15 trailers and 31 independent contractors/leased tractors with annual revenues for the Alberta based business of approximately $6m.
The purchase price for the acquired business and assets is approximately $1.7m and will be subject to final adjustment for working capital. Trimac's U.S. affiliate concurrently acquired the U.S. based business and assets of Logex.