QUEBEC CITY, Que. – Quebec’s economy minister wants the province’s investment arm to assist any eventual partner interested in truck trailer manufacturer Manac Inc. so the company remains based in the province.
Jacques Daoust says Manac’s openness about its intentions will allow for Investissement Quebec to get involved in the process.
On Monday, Manac (TSX:MA), which bills itself as Canada’s largest truck trailer manufacturer, said its review of strategic options includes a sale of the company.
The Quebec-based firm, which makes specialty trailers such as grain hoppers and logging trailers sold across North America, said it would also consider a merger or another business transaction.
The move comes just 18 months after it completed an initial public offering that netted the company about $40 million in gross proceeds, about half of which was used to repay debt.
Manac said its operations will be unaffected by the strategic review and that there’s no assurance any deal will result.
The company began operations in 1966 and acquired Canam Steel (TSX:CAM) in 1972.
In 2004, Canam Manac sold the semi-trailer business to the founding Dutil family. After going public, its largest owners are the Quebec Federation of Labour’s Solidarity Fund, the Caisse de depot et placement du Quebec and Fiera Capital, which together own 41 per cent of its shares, according to Thomson Reuters.
Manac acquired B.C.-based Peerless Ltd. last summer for $14.75 million.
Manac’s stock was down two cents, or 0.22 per cent, to $9.08 in trading on the Toronto Stock Exchange on Tuesday.