The Canam Manac Group announced today it has finalized the sale of the assets of its trailer manufacturing division for $66.5 million.
Acquiring the Manac division were the Solidarity Fund QFL, the Société financière Bourgie (1996) Inc, Montreal Partners Limited Partnership, and Charles Dutil. Solidarity Fund QFL will have a 40% stake in the company, the Société financière Bourgie (1996) inc. and Montreal Partners Limited Partnership will jointly hold 40% of the shares, and Charles Dutil, President of Manac, will hold 20%.
The amount of the transaction excludes the equipment, the land and the building of the Orangeville plant that closed in the summer of 2003.
Proceeds of the sale will be used to reduce company debt.