Manac Inc. is continuing its journey from public to private company after a vote of approval from its shareholders. The Canadian trailer company’s plan could see completion by late October of this year.
In August 2015, Manac proposed a deal in which a consortium consisting of several new owners — along with the Dutil family, who founded the company — would pay $10.20 for each share. The proposed price is higher than what the shares cost on average during the 20 days before the public-to-private announcement was made. With the proposed price, current shareholders would receive about 12.4 percent more per share than what they were getting through the Toronto Stock Exchange.
The Quebec courts still have to approve Manac’s plan; this should happen on Oct. 5. After the transfer to private ownership, Manac will keep its administrative and trailer manufacturing locations in Quebec, and Charles Dutil will stay on as president and CEO. No other changes have been announced yet.
Dutil expressed his support for the deal back in August, saying he looked forward to working with many familiar investors as part of “a long collaboration.” He noted the deal would benefit everyone involved, including both business partners and employees.
Manac’s revenues and net income have soared since last year, with net income nearly doubling in the first half of 2015 to $6.8 million, compared to the first half of 2014. Revenues have shot up well over 40 percent to $199.5 million.
Manac originally went public in 2013 after forming as a spin-off of the Canam Manac Group in 2004. The company is known for its diverse selection of flatbeds, vans and trailers, including grain hoppers, chassis, dumps and logging trailers. The company’s products are available under eight brand names including Manac, Peerless, Liddell Canada, CPS, Scona, Darkwin, UltraPlate and Ultravan.