HALIFAX: Seaboard Transportation Group announced it will acquire Armour Transportation Systems.
In a press release issued on Feb. 19 by Seaboard Transport Group, owner Joe Shannon said the purchase of Armour operations represents an “excellent opportunity” to grow operations.
“We have shared Canada’s roadways for 50 years,” Shannon said in the press release. “We have come to admire and appreciate the Armour family’s work ethic and reputation. We look forward to continuing their tradition of excellence as a member of the Seaboard group.”
Port Hawkesbury-based Seaboard said in the release that Armour will continue to operate under the Armour Transportation Systems brand name with the bulk of its operations remaining in Moncton.
The family-owned Seaboard Transport Group owns transport brands across Canada and the United States, in the bulk truckload industry, as well as rail terminal transload services, with options for the bulk storage of dry and liquid products, the press release stated.
Also family-owned, Armour Transportation Systems has over 2,000 employees, 24 terminals and more than 4,000 pieces of equipment, the press release noted. With its affiliated companies – including Armour Courier Services, Armour Logistics Services, Diamond’s Transfer Ltd., Hillman’s Transfer Limited, Pole Star Transport, RJS Terminals, Triple B Trucking, and Way’s Transport Ltd. – the company serves local, national, and international markets.
Wes Armour, president and CEO of Armour Transportation Systems, said they are comfortable with the decision.
“Like us, the Seaboard group is a private, family-owned company with roots in Atlantic Canada. Seaboard has similar exceptional values and a corporate culture that makes me very comfortable about the future of the Armour company and our dedicated employees,” he said in the press release.
Financial terms of the transaction will not be disclosed, the press release stated, noting that the completion of the transaction is subject to closing conditions, including obtaining all regulatory approvals and clearances.
CIBC Capital Markets acted as financial advisor to Armour Transportation Systems, the release said.
“At this time, we are not making any further public comment, other than what has been stated in the release,” Mary Adams, communications specialist, said on behalf of Seaboard.