This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Manac Acquires Specialty Trailer Manufacturer Peerless Limited

SAINT-GEORGES, QC, June 17, 2014 /CNW Telbec/ - Manac Inc. (TSX: MA) ("Manac"), a North American leader in the design and manufacturing of specialty trailers, announces today the acquisition of all of the issued and outstanding shares of Peerless Limited ("Peerless") for $14.75 million in cash, subject to certain net working capital adjustments.

Established in Penticton, British Columbia, Peerless is a designer and manufacturer of highly specialized trailers and chassis for a variety of industries, including oil and gas, mining, forestry, logging and construction. Peerless had been operating the Mobile Solution division of McCoy Corporation (TSX: MCB) since 2004.

"This completes a good first step in Manac's targeted progress and growth. The reputation of the Peerless brand, its product line, the quality of the work force and its geographic location fit very well with our vision and our values. We will now start the implementation of a well-defined Operating Agenda and capitalize on all of the identified synergies; and this starts right now." says Charles Dutil, President and Chief Executive Officer of Manac. "Not only will we provide strong support to the local leadership team, but Peerless will also profit from Manac's core strengths, including gaining access to Manac's know-how and resources which are considered key assets to our success in the trailer industry." added Charles Dutil.

About Manac Inc.

Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Darkwing®, UltraPlate® and Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri.

Manac is listed on Toronto Stock Exchange (TSX : MA). For more information on Manac, please visit www.manac.ca.

About Peerless Limited

Founded in 1944, Peerless is a highly specialized trailer and chassis designer and manufacturer for a variety of industries including oil and gas, mining, forestry, logging and construction.  Peerless's innovative and high quality products are key factors explaining how Peerless has risen to the rank of premier manufacturer of custom chassis and oilfield trailers. Peerless offers products under two well-recognized brands in the heavy haul and custom chassis market: Peerless in Western Canada and Scona in the United States. The Peerless production facility is located in Penticton, British Columbia, and has been part of the McCoy Corporation (TSX: MCB) since 2004. In addition to its Canadian manufacturing plant, Peerless uses contracted manufacturing facilities in the Southern U.S.

Forward looking statements

This document may contain forward-looking statements that reflect management's current expectations regarding future events. Forward-looking statements are based on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events. In particular, no assurance can be given as to the benefits that Manac will derive from the acquisition of Peerless. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,083.80 -2.83 -0.02%
S&P 500 1,987.98 +0.97 0.05%
NASDAQ 4,472.1080 -1.5890 -0.04%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs