Transportation Acquisitions in Canada

Vantage Group has acquired Montreal-based FSM Management Group and aviation energy logistics provider AvEnergy Management Group. The deal expands Vantage's aviation infrastructure capabilities—particularly in jet fuel and de-icing (glycol) infrastructure development, management and energy logistics—and broadens its service offering across airport and airline partners in Canada and globally.

UPS has completed the acquisition of Andlauer Healthcare Group Inc. (AHG) for CAD $2.2 billion (approximately USD $1.6 billion), paying CAD $55.00 per share in cash. The deal expands UPS Healthcare's cold-chain and specialized healthcare logistics capabilities across North America; AHG founder and CEO Michael Andlauer will lead UPS Canada Healthcare and AHG following the close.

Zonar has acquired ez enRoute, an Edmonton-based provider of IoT-enabled student tracking and dynamic routing, and integrated its routing engine to launch the Zonar Bus Suite — an all-in-one routing and fleet operations platform for school districts. The deal expands Zonar’s student transportation capabilities, delivering real-time routing, ridership visibility and parent communication features.

Traffic and Parking Control Co., LLC (TAPCO), a Peak Rock Capital–backed provider of intelligent transportation systems, has acquired Logix ITS, the parent behind Traffic Logix, All Traffic Solutions and Parking Logix. The deal combines TAPCO’s vertically integrated manufacturing, distribution and services with Logix ITS’s hardware and cloud platform to create a broader connected-ITS offering serving thousands of devices and more than 4,000 municipal, law enforcement and commercial customers across the U.S. and Canada.

Exchange Income Corporation (EIC) has completed its acquisition of Bradley Air Services Limited, which operates as Canadian North, for a purchase price of $205 million (subject to adjustments), with $10 million paid in common shares. The acquisition expands EIC’s northern route network and infrastructure—adding passenger, cargo and charter services across 24 Arctic communities—and excludes the Montreal–Kuujjuaq route, which remains with vendor Makivik Corporation.

LAZ Parking has acquired a 60% majority stake in INDIGO Park Canada Inc., creating North America's largest tech-driven parking, transportation, and mobility company. The deal reunites LAZ and the INDIGO Group, expands LAZ's footprint to more than 5,300 locations and 2 million parking spaces across North America, and will preserve IPC’s leadership under CEO John Laires; Argo Infrastructure Partners is an investor in LAZ and supported the transaction.

Ferrovial purchased a 5.06% equity stake in 407 International Inc. (407 ETR) for CAD 1.99 billion, acquiring shares from affiliates of AtkinsRéalis and exercising a call option to complete the transaction. The purchase increases Ferrovial's ownership in the Canadian toll highway from 43.23% to 48.29%; the announcement also notes concurrent transactions in which AtkinsRéalis sold a remaining 1.7% to CPP Investments and PSP Investments acquired a 7.51% interest from CPP.

Northway Aviation LP, a Westcap-backed regional aviation platform, has acquired SkyNorth Air Ltd., a dedicated air ambulance provider operating in Manitoba. The deal combines complementary fleets and teams — creating a combined fleet of 17 aircraft and expanded essential medical and charter services across remote Manitoba and parts of Ontario.

Krystal Growth Partners has acquired Seair Seaplanes, a regional seaplane operator serving coastal British Columbia. The investment will support operational and infrastructure improvements as Krystal and Seair explore opportunities to expand scheduled services, scenic tours, and charter offerings across the BC coast.

Atlas Van Lines (through its Atlas Canada operations) has acquired Orbit Brokers, a Mississauga, Ontario–based customs brokerage firm, effective Jan. 1. The acquisition integrates Orbit Brokers into Atlas Canada's Connect Logistics division to expand cross‑border customs clearance capabilities and provide more seamless end‑to‑end relocation and logistics services across Canada and the United States.

RELAM, a Paceline Equity Partners portfolio company, has acquired Falcon Equipment Ltd., a Surrey, British Columbia–based specialty truck and equipment solutions provider. The deal expands RELAM’s presence in the Canadian hi-rail and specialty truck markets, adds new end markets (building supply, utility, snow and ice, municipality), and preserves Falcon’s existing management team under President Dan Kielan.

Mullen Group Ltd. has acquired Pacific Northwest (PNW) Moving and its parent, Pacific Northwest Investments, expanding Mullen’s less‑than‑truckload (LTL) footprint into Northern Alberta and the Yukon. PNW will operate within Mullen Group’s LTL segment and brings two owned terminals (Whitehorse, Yukon and Edmonton, Alberta) plus local moving and storage capabilities; financial terms were not disclosed.

GCM Grosvenor, with co-investor Bluejay Capital Partners, has agreed to acquire Mobil Grain Ltd. and its operating subsidiaries from AGT Food and Ingredients Inc. The sale includes short-line rail operations, a port terminal in Thunder Bay and intermodal assets in Regina; financial terms were not disclosed and the transaction is expected to close in late 2024 or early 2025 subject to regulatory approvals.

On November 8, 2024, Aviation Starlink Inc. closed the acquisition of certain assets of Services Aériens Lux Inc. and other affiliates of Chrono Aviation Inc., and completed related equity and debt financing for the Chrono Group. The transaction was approved by vesting and reverse vesting orders under the Companies' Creditors Arrangement Act (CCAA), and Aviation Starlink will also act as lender to fund the Group's operations post-closing. Aviation Starlink is an aviation-services operator controlled by Pierre Karl Péladeau and is headquartered in Dorval, Quebec.

Powerfleet, Inc. has completed the strategic acquisition of Fleet Complete, a connected-vehicle and fleet-management technology provider. The deal creates a combined company with over $400 million in revenue (including $300M+ of recurring SaaS revenue), expands Powerfleet's footprint in North America and Europe, and enhances its AIoT, data ingestion and video capabilities.

TFI International acquired Canada-based specialty truckload carrier MJ Lavoie, a waste hauler founded in 1992 that specializes in hauling compostable and recyclable materials and residential waste management. Terms were not disclosed; the deal is a small tuck-in intended to bulk up TFI’s truckload holdings ahead of an anticipated spin-off and follows its recent Daseke acquisition.

Parts for Trucks has acquired Trailine Trailer Parts to expand its national parts and service network across Canada. The combined business strengthens Parts for Trucks' footprint to 30 parts warehouses and 14 service facilities, enhancing parts distribution and service capabilities for the heavy-duty trucking industry.

Vanair has acquired Grip Idle Management, integrating Grip’s patented vehicle idle-reduction technology into Vanair’s EPEQ idle management product line. The acquisition will combine both companies’ systems to expand Vanair’s product portfolio, enhance telematics integration and reduce fuel consumption, engine hours and emissions for fleet customers.

Westcap Mgt. Ltd., through its funds Westcap MBO III Investment LP and Connect Manitoba Growth Fund LP, has made a growth investment in Northway Aviation LP and Northway Aircraft Leasing LP. The Johnson family (current owners) will retain a significant stake as Westcap supports Northway's plans to expand scheduled and charter passenger and freight services to additional communities across northern Manitoba and western Ontario.

Blue Wolf Capital Partners, in partnership with Stonepeak, has completed the acquisition of Montreal-based LOGISTEC Corporation for approximately C$1.2 billion, taking the company private. Blue Wolf has committed to keep LOGISTEC's head office in Québec and plans more than C$200 million in capital expenditures and growth initiatives to expand the marine terminal and environmental services business.

Astatine Investment Partners, a Greenwich, Connecticut–based infrastructure-focused private equity firm, has acquired McKeil Marine Limited, a Canadian marine transportation and project services provider, from TorQuest Partners. Astatine said it will partner with McKeil's management to expand the company's service offerings and fleet while leveraging McKeil's long-term inflation-linked contracts to provide downside protection.

Genesee & Wyoming Canada Inc., a subsidiary of Genesee & Wyoming Inc., has completed the acquisition of BMS Locomotive Service Group Inc., a Edmonton-headquartered provider of locomotive inspection, maintenance, refurbishment and repair services. The deal brings BMS's 10-person operation into G&W Canada's service offering, expanding the company's locomotive maintenance capabilities and footprint in Western Canada; terms were not disclosed.

Trimac Transportation has acquired Transport Sylvain Lasalle, a Quebec-based bulk pressure carrier specializing in propane and butane transport. The deal adds two Quebec locations (Joliette and St. Hyacinthe), a fleet of 28 tractors and 30 trailers, and an operations team to Trimac’s network as it expands its presence in Eastern Canada.

American Track Services (a portfolio company of DFW Capital Partners) has acquired Universal Rail Systems, Canada’s largest provider of rail infrastructure inspection, maintenance, repair and construction. The deal creates a new parent, North American Rail Solutions, combining ATS' U.S. footprint with URS' Canadian operations to create a continent-wide rail services platform; URS was sold by an investor group led by TorQuest Partners.

First Student has completed the acquisition of Montreal-based Dufresne Group, a provider of school transportation, coach and transit passenger services with a fleet of 542 vehicles. The deal expands First Student’s home-to-school operations in Eastern Canada and brings Dufresne’s team and contracts under First Student’s Autobus Transco brand; terms were not disclosed.

Alpenglow Rail Services Corp. and Connor, Clark & Lunn Infrastructure have acquired Alberta Midland Railway Terminal Ltd. (AMRT), a 300-acre dual-served rail terminal in Lamont County, Alberta serving the Edmonton Industrial Heartland. The acquisition expands Alpenglow/CC&L's rail terminal portfolio in North America and will add transloading, railcar cleaning and repair services to AMRT's offering.

Fonds de solidarité FTQ has taken a minority equity stake in Corporation Andy Amérique du nord inc., a Montreal-based transportation, maintenance and fleet-management services provider. The investment will support Andy Corp.'s acquisition-driven growth plan; the company has grown from about 60 employees in 2012 to more than 400 across four business units by 2022.

KAG Logistics, LLC completed the acquisition of Toronto-based Connectrans Logistics Inc., expanding KAG's footprint into the Canadian logistics market and strengthening its cross-border freight capabilities. Connectrans provides cross-border transportation services (dry van, temperature control, flatbed, over-dimensional and intermodal) enabling KAG to offer enhanced capabilities to Canadian and U.S. customers.

GPS Insight, an Accel-KKR portfolio company, acquired Certified Tracking Solutions (Titan GPS) from middle‑market PE firm HKW to expand its fleet management and telematics capabilities and extend its reach into Canada. The deal adds ELD-certified solutions, specialty tracking, Bluetooth asset tracking, and field operations tools to GPS Insight's suite of SaaS fleet and field service management products.

Imperial Dade has acquired Boudreault Packaging Ltd, a Gatineau-based distributor of janitorial, sanitation and foodservice packaging products. Financial terms were not disclosed; Imperial Dade said the deal expands its Canadian presence and will preserve Boudreault's customer-focused culture and team.

Alberta Investment Management Corporation (AIMCo) has agreed to acquire 100% of Cando Rail & Terminals Ltd. from TorQuest Partners and Cando employee shareholders. Cando, headquartered in Brandon, Manitoba, operates a network of 40+ industrial railyards, nine owned terminals and one short-line railroad with 900+ employees and 100+ locomotives; the transaction is subject to customary regulatory approvals and financial terms were not disclosed.

Edmond, Oklahoma-based Pelco Products, a portfolio company of River Associates Investments, has acquired Novax Industries Corporation, a designer and manufacturer of traffic management and pedestrian access solutions based in Delta, British Columbia. The add-on acquisition expands Pelco’s product offering in intelligent transportation systems and strengthens its position as a single-source solutions provider in the traffic industry.

SeaFort Capital has made a majority investment in Parts for Trucks, Inc., a Dartmouth, Nova Scotia-based distributor and service provider for heavy-duty truck parts operating 16 locations across Atlantic Canada and Ontario. The deal is SeaFort's first platform investment from Fund II and will support Parts for Trucks' growth strategy through new products, service expansion, greenfield initiatives and strategic acquisitions while the existing senior leadership team remains in place.

IBI Group Inc. acquired HotSpot, a New Brunswick–founded mobility and parking solutions provider, to strengthen its traffic and transportation offerings and grow recurring revenue. HotSpot's platform — used by over 80 municipalities, cities and universities and 460,000 app users — will complement IBI's curbside, transit and payments capabilities and support the firm's U.S. expansion.

Universal Group, a CAI Capital Partners-backed platform, has acquired Groupe Signalisation (Signalisation de l'Estrie and subsidiaries), a Quebec-based traffic control services and equipment rental company. The add-on expands Universal's geographic presence in Québec and strengthens its national traffic management platform; CAI's co-investors in the combined organization include BDC Capital, Roynat Equity Partners and Frind Enterprises.

Los Angeles-based private equity firm Vance Street Capital acquired Carmanah Technologies Corp., a Victoria, British Columbia designer and manufacturer of solar and AC-powered LED pedestrian and traffic safety systems. Carmanah will join Polara Enterprises to form Vance Street's traffic and pedestrian safety ITS platform as the firm pursues organic product development and complementary M&A; financial terms were not disclosed.

Custom Truck One Source, Inc. (NYSE: CTOS) acquired HiRail Leasing Group — including HiRail Leasing, Northshore Rail Contracting and Heavy Equipment Repairs — for $46.0 million. The deal adds over 600 rental units, two Canadian locations in Ontario and Alberta, and expands Custom Truck’s rental footprint and rail customer relationships in Canada; the purchase was funded with cash on hand and drawings on the company’s credit facility.

Titanium Transportation Group Inc. (TSXV:TTR) acquired Bert and Son's Cartage Limited, a Brantford, Ontario-based trucking and warehousing operator. The deal adds approximately 40 drivers and staff, warehouse space and land adjacent to Titanium's existing Brantford terminal to expand its Canadian and U.S. cross-border capabilities and geographic footprint.

r2p Group, a Flensburg-based provider of passenger information and transport technology, has acquired T.G. Baker Americas Inc. (TGBA), a Vaughan, Ontario–based specialist in transit passenger information systems. The acquisition gives r2p a direct foothold in North America, strengthens local sourcing capabilities (e.g., Buy America/Canadian Content), and will deepen TGBA’s role in NetSpire product development and regional customer support.

Canada Cartage has acquired Rapid Delivery, a London, Ontario-based carrier with terminals in London and Windsor that provides truckload, expedited and dedicated transportation into Ontario and the U.S. Great Lakes states. Canada Cartage has retained virtually all former Rapid staff and drivers; Rapid owner Rob Ward is retiring but will remain in a consultative role to support the transition.

Universal Group, a portfolio company of CAI Capital Partners, has completed the strategic add-on acquisition of Beacon Lite (Ottawa) Ltd. and Signebec to expand its geographic footprint and create a national platform for traffic control services. CAI’s equity co-investors in the combined organization include BDC Capital, Roynat Equity Partners and Frind Enterprises; debt financing was provided by BMO, CIBC and Scotiabank. Beacon Lite’s leadership (Luc and Simon Lemay) will continue to lead the business and become shareholders of the combined organization.

Exchange Income Corporation (TSX: EIF) has acquired Carson Air Ltd., a Kelowna, British Columbia–based provider of fixed-wing air ambulance, air cargo and flight training services. The transaction involved Wynnchurch Capital selling its investment in Carson Air, handing ownership to Exchange Income as part of the buyer's expansion of its aviation services portfolio.

Mullen Group Ltd. (TSX: MTL) acquired the Bandstra Group of Companies, including Bandstra Transportation Systems Ltd. and Babine Truck & Equipment Ltd., in a transaction that closed April 16, 2021. The acquisition expands Mullen's presence and service capabilities in western Canada, adding Bandstra's fleet, terminals and OEM dealership operations primarily across northern British Columbia.

Sunset Pacific Transportation, a Granite Creek Capital Partners portfolio company, has acquired Canada-based Radius Global Solutions (doing business as Radius Logistics), expanding Sunset Pacific's footprint into British Columbia and strengthening its cross-border warehousing and logistics capabilities. Granite Creek and partner Red Arts Capital will integrate Radius into the RAC Sunset holding structure to create an integrated, asset-light North American logistics platform.

Andlauer Healthcare Group Inc. (AHG) closed acquisitions of 100% of Skelton Canada Inc. and 49% of Skelton USA Inc. for aggregate consideration of approximately C$114.7 million, financed with cash, debt and issuance of AHG subordinate voting shares. The Skelton Companies — a specialized refrigerated/temperature‑controlled healthcare transportation operator with a ~100 truck fleet — will join AHG's healthcare logistics platform to expand specialized transport capacity in Canada and enter the U.S. market.

James Richardson & Sons, Limited (JRSL) acquired 100% of the issued and outstanding shares of Bison Transport Inc. and its affiliated companies from Wescan Capital Inc., effective January 1, 2021. Bison, a Winnipeg-headquartered trucking company founded in 1969 with over 3,700 employees and contractors and a fleet of roughly 2,100 tractors and 6,000 trailers, will remain headquartered in Winnipeg and retain its senior management team.

Envase Technologies, backed by The Firmament Group, acquired Tailwind Transportation Software to add freight brokerage and over-the-road trucking functionality to its intermodal TMS platform. The acquisition also strengthens Envase's presence in the Canadian market and brings Tailwind's ~500 customers and product suite onto the Envase platform.

Transflo, a Tampa-based provider of mobile, telematics, and back-office automation for the transportation industry, has acquired Microdea, a Canadian document management and workflow automation software provider. The acquisition expands Transflo's presence in the Canadian market and adds Microdea's Synergize document-management capabilities to Transflo's end-to-end supply-chain technology suite; financial terms were not disclosed.

Pamlico Capital has completed a growth investment in ISAAC Instruments, a provider of driver-centric fleet management and telematics solutions. The company's co-founders will retain significant ownership and continue to run the business while Pamlico will support product innovation and geographic expansion; Vaquero Capital advised ISAAC on the transaction.

SpotHero has signed an agreement to acquire Rover Parking, a Toronto-based consumer parking app, accelerating SpotHero’s expansion into Canada and adding thousands of parking locations and Rover’s team to its commercial supply business. The deal is expected to close in Q4 2020 and will see Rover CEO Tim Wootton become SpotHero’s Head of Canada.