A group of Highland Transport executives have joined with TriWest Capital Partners of Calgary to buyout the Markham-based fleet from Westminster Holdings.
“This is just a great opportunity for Highland and the whole group of investors,” says Norm Sneyd, Highland Transport president and part of the new ownership group. “The people from TriWest are great guys. They’re looking to expand the business and we’re looking to expand the business.”
If the deal does in fact gain all relevant approvals, as of the target date of Apr. 30, the ownership group will include Sneyd; Mark Brennan, vice-president of sales and marketing; Geoff Scott, vice-president of operations; Scott Owens, controller; and TriWest investors, including founding partners Ron Jackson and Lorne Jacobson.
Sneyd says TriWest has made it clear they will be allowed to run the company in line with the way things have always operated in the past.
“They’ve told us point blank, that they’re not the truckers, we are,” he explains. “They were impressed with our list our customers. TriWest even met with several of them and really liked what they had to say.”
Highland hauls for a wide-variety of customers, including companies involved in the auto, transportation, chemical and beverage industries. Last month is was chosen as the Carrier of the Year by the Canadian Industrial Transportation Association.
The price tag attached to the deal has not been disclosed. Highland currently operates 800 power units, although Sneyd confirms that 50 tractors will be sold in the near future in response to the driver shortage. Company drivers looking to become O/Os will be given that opportunity, he explains.