Clarke Inc., a Canadian provider of freight transportation and logistics services throughout North America, late yesterday announced that it has reached an agreement with PBB Global Logistics Income Fund, to sell Clarke’s non-asset-based Logistics division and US subsidiary operating as Clarke Logistics.
The purchase price was $40 million plus an amount for net working capital which is estimated to be approximately $7 million.
The closing of the transaction is subject to the satisfaction of a number of conditions, one of which is PBB successfully completing its financing requirements.
After completing a review of its long-term strategic plan, Clarke Inc. said in a release, it has decided to focus on its asset-based core business in North America. The capital generated from this sale will be employed on opportunities to further the strategic goals of the company.
"In addition the Company is exploring other complimentary business opportunities," the release added.
Through its four operating divisions (Clarke Transport, Clarke Logistics, Clarke Road Transport and Clarke Contract Services), the Company offers expedited highway service for both truckload and less-than-truckload (“LTL”) shippers; intermodal full load and LTL service throughout Canada and between Canada and the U.S; freight marketing and logistics services between locations in Canada, the U.S. and Mexico; and dedicated contract services.
Headquartered in Etobicoke, Ontario, Clarke has offices and distribution facilities across North America and employs in excess of 1200 people.
For more information visit Clarke is on the Web at www.clarkelink.com.