Press Release December 20, 2007Fenway Partners Completes Acquisition of Consolidated Fastfrate Inc.
NEW YORK, NY, December 20, 2007 – Fenway Partners, a leading middle market private equity firm, announced today that it has completed its acquisition of Fastfrate Inc., Canada Drayage Inc., and Koch Transport (together, “Fastfrate”) after receiving approval by Canadian regulatory authorities, including the Federal Minister of Industry, under the Investment Canada Act. The transaction was originally announced on November 19, 2007. Financial terms of the transaction were not disclosed.
Ropes & Gray LLP acted as legal counsel to Fenway. Ernst & Young and Loopstra Nixon LLP served as Fastfrate’s financial and legal advisors, respectively.
About Fenway Partners
Fenway Partners, Inc. is a middle market private equity firm with offices in New York and Los Angeles and approximately $2.0 billion under management.
Fenway invests in profitable businesses with significant upside potential. Fenway companies typically have leading franchises and operate in two core industry segments, branded consumer products and transportation/logistics. With significant knowledge and success investing in these industries, Fenway has built a strong reputation for its hands-on approach to supporting its portfolio companies which include sporting goods manufacturer Easton Bell Sports, school yearbook and class ring manufacturer American Achievement, transportation and logistics provider Greatwide Logistics, expedited ground transportation provider Panther Expedited Services and intermodal logistics service provider RoadLink.
For further information about Fenway Partners, please visit www.fenwaypartners.com.
About Fastfrate
Fastfrate is one of the largest privately owned providers of transportation and logistics in Canada, employing more than 1,500 people and transporting more than 2 billion pounds of freight annually.
Founded in 1966, Fastfrate has grown into a diversified transportation company with a menu of services including LTL and truckload from any point to any point within Canada and the Northeast and Midwest United States, national drayage and cartage, warehousing, transloading on both the east coast and the west coast, special operational direct ship programs for retailers, third party logistics, and is the largest LTL intermodal carrier in Canada with a unique and 40 year relationship with Canadian Pacific Railway (“CPR”). Fastfrate is the only intermodal carrier in North America to have co-located facilities with the railway in every CPR intermodal yard in Canada with the exception of Edmonton, and that will be built shortly. Combined, Fastfrate has 17 operating terminals across Canada and a sales office in Shanghai, and currently handles in excess of 25,000 marine containers a year coming from China, and growing at a 20% rate.
For further information about Fastfrate Inc., please visit www.fastfrate.com.
Contact:
Brooke Morganstein/Anna Cordasco
Sard Verbinnen & Co
212/687-8080
Facts at a Glance
