RoadLink Buys CP Ships Division
The Fenway Partners portfolio company anticipates a beneficial agreement with Fastfrate, another Fenway company.
June 27, 2008
RoadLink announced Friday that the Atlanta, Georgia-based shipping company has signed an agreement to acquire the trucking division of CP Ships from Hapag-Lloyd Inc. for an undisclosed amount.
Once the acquisition is complete, RoadLink plans to forge an alliance with Consolidated Fastfrate Inc.
“The acquisition will enhance service capabilities as we deliver single-point-of-contact solutions to complex transportation and warehousing challenges,” said Chris Munro, RoadLink president and chief executive officer.
The CP Ships trucking division is based in Montreal, and was acquired in 2005 as part of Hapag-Lloyd's $2 billion purchase of CP Ships. Hapag-Lloyd has decided to divest of the trucking business, focusing on its core transportation business line. The trucking business line operates 240 trucks.
Both RoadLink and Fastfrate are companies held by Fenway Partners. Fenway Partners manages approximately $1.6 billion. Earlier this month, Fenway announced the acquisition of Preferred Freezer Services, LLC, a refrigerated warehousing company.
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