Cando Rail & Terminals Is Said to Explore $800 Million Sale
(Bloomberg) -- Cando Rail & Terminals Ltd. is exploring a sale that could value the Canadian provider of railway services at about C$1 billion ($800 million), according to people familiar with the matter.
The Brandon, Manitoba-based company is working with an adviser to solicit interest from potential suitors, which include infrastructure and pension funds, said the people, who asked to not be identified because the matter isn’t public.
Representatives for Cando and TorQuest Partners Inc., a private equity firm that has owned a stake in the company since 2018, didn’t respond to requests for comment.
Cando comes to market just as global shipping gridlock heightens the focus on transportation and logistics firms that play a critical role in moving goods. It also follows a monthslong takeover battle for Kansas City Southern, a U.S. railroad that ultimately agreed to a $27 billion sale to Canadian Pacific Railway Ltd.
Founded in 1978, Cando Rail provides specialized rail services, helping shippers connect with railways. With eight terminals in Canada and 45 rail services locations, the company provides railcar staging, material handling, fleet management and train assembly, according to its website.
Cando Rail & Terminals changed its name in April from Cando Rail Services Ltd.
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