Fenway Partners has announced an agreement to acquire a majority interest in Fastfrate—an alliance that includes Consolidated Fastfrate Inc., Canada Drayage Inc., and Koch Tranport. Financial terms were not disclosed.
Fastfrate, a privately owned transportation and logistics company headquartered in Canada, employs over 1500 people and transports over 2 billion pounds of freight a year. It has 17 operating terminals across the country. As part of the deal, Fastfrate’s shareholders, including president &CEO Ron Tepper, will have a 25% ownership stake in Fenway Partners.
“Fastfrate is a highly successful and recognized leader in Canadian transportation and logistics and is an excellent addition to Fenway’s growing portfolio of investments in this sector,” said Marc Kramer, managing director of Fenway Partners and co-head of the firm’s transportation/logistics practice. “We are enthusiastic to have Ron and his team join the Fenway family and look forward to providing the necessary resources to capitalize on the wide range of growth opportunities that we perceive in the Canadian transportation market.”
“Our company is in the fortunate position of having built one of the largest and most complete service offerings for transportation in Canada,” said Tepper. “It is very clear to me that there are and will continue to be attractive opportunities for us to grow our business quickly through selective strategic acquisitions.”