Trimac Income Fund announced that Trimac Transportation Services Limited Partnership has completed the purchase of the Alberta-based business and assets of Logistics Express Inc (Logex). Logex is engaged in the transportation of liquified gases such as oxygen, nitrogen, and carbon dioxide primarily on behalf of industrial gas manufacturers.
The fleet acquired includes 15 trailers and 31 independent contractors/leased tractors with annual revenues of about $6.0 million for the Alberta-based business. Purchase price for the acquired business and assets is approximately $1.7 million and will be subject to final adjustment for working capital. Trimac's United States affiliate concurrently acquired the US-based business and assets of Logex.
Trimac Income Fund is an unincorporated, open-ended limited-purpose trust created for the purpose of acquiring and holding an indirect interest in Trimac.