Manitoulin Transport Acquires Shares of ENTREC

October 29, 2015 - Manitoulin Transport, Gore Bay, Ontario, has made an investment in Alberta crane and heavy-haul company ENTREC. A 50-year-old trucking company, Manitoulin has acquired 6,020,200 common shares of Entrec at $0.32 per common share, approximately 5.6% of Entrec’s issued and outstanding common shares. The acquisition gives Manitoulin ownership of approximately 15.4% of Entrec issued and outstanding common shares.

 

An employee-owned heavy-haul and crane solutions provider, Entrec serves the oil and natural gas, construction, petrochemical, mining, and power generation industries. It is based out of Acheson, Alta. In a news release, Manitoulin said the acquisition was done for “investment purposes.”

 

"We are excited to have made this strategic investment in Entrec," said Gord Smith, Manitoulin’s CEO. "Entrec already supports many of our heavy-haul transportation requirements and we have been watching Entrec closely over the past few years as they have grown to become a best-in-class service provider to both the crane and heavy-haul transport industries. We are excited to continue to work with ENTREC both as a customer and now also a strategic investor.”