Ontario Pension Said to Weigh $2.5 Billion Sale of Trucking Firm

Omers Private Equity Inc. is weighing a sale of Kenan Advantage Group Inc., a provider of bulk transportation that could fetch $2.5 billion or more including debt, according to people with knowledge of the matter.

The private equity arm of the Canadian pension fund Omers is working with an adviser to solicit interest from potential suitors, said the people, who requested anonymity because the information isn’t public.

An Omers representative declined to comment. A representative from Kenan Advantage did not reply to a request for comment.

Omers, which managed C$109 billion ($83 billion) as of the end of 2019 for local government workers in Ontario, acquired the trucking company in 2015 from Goldman Sachs Capital Partners and Centerbridge Partners. Kenan Advantage has since bought smaller rivals including Agri-Carriers Group Inc., Beaulac Transport and Paul’s Hauling.

North Canton, Ohio-based Kenan, led by President and Chief Executive Officer Bruce Blaise, describes itself as North America’s largest tank truck transporter and logistics provider. It delivers chemicals, fuel, food, specialty products and industrial gases to all 48 contiguous states, Canada and Mexico.

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