Alberta Investment Management Corporation acquired 100% stake in Cando Rail & Terminals
Torys acted as counsel to Cando Rail and TorQuest Partners with a team that included Guy Berman, Danielle Kline, Emma Sako, Sarah Strong and Nick Germanakos (corporate/M&A), Jim Kehoe, Chris Lirette and Sundeep Oad (due diligence), Dany Assaf and Ian Li (competition), Tyson Dyck (environmental), Jerald Wortsman and Steve Marshall (tax).
On July 20, 2022, TorQuest Partners ("TorQuest") and Alberta Investment Management Corporation, on behalf of certain of its clients ("AIMCo"), announced the signing of a definitive agreement that would see AIMCo acquire a 100% equity stake in Cando Rail & Terminals Ltd. ("Cando"). Financial terms of the transaction were not disclosed.
Further information can be found on AIMCo’s website and Canada Newswire's website.
Cando, headquartered in Brandon, Manitoba, is Canada's leading provider of specialized rail operating services. It provides a wide range of rail services including short line operations, industrial switching, material handling, terminal & transload services, railcar staging, train assembly, and related services.
AIMCo is one of Canada's largest and most diversified institutional investment managers, investing globally on behalf of 32 pension, endowment, and government funds in the Province of Alberta, with C$168.3 billion of assets under management as at December 31, 2021.
TorQuest& is a Canadian-based manager of private equity funds, with more than C$3.5 billion of equity capital under management. TorQuest is currently investing from TorQuest Partners Fund V, a C$1.4 billion fund that closed in March 2020.