CALGARY, June 1 /PRNewswire-FirstCall/ -- Trimac Income Fund (TSX Symbol TMA.UN) announced today that Trimac Transportation Services Limited Partnership ("Trimac") has completed the purchase of the Alberta based business and assets of Logistics Express, Inc. ("Logex"). Logex is engaged in the transportation of liquified gases such as oxygen, nitrogen and carbon dioxide primarily on behalf of industrial gas manufacturers. The fleet acquired includes 15 trailers and 31 independent contractors/leased tractors with annual revenues for the Alberta based business of approximately $6.0 million. The purchase price for the acquired business and assets is approximately $1.7 million and will be subject to final adjustment for working capital. Trimac's U.S. affiliate concurrently acquired the U.S. based business and assets of Logex.
In commenting on the acquisition, Terry Owen, CEO, said: "We are very pleased with this acquisition as it compliments our compressed gas business in western Canada and expands our existing customer relationships in this product line".
Trimac Income Fund is an unincorporated, open-ended limited purpose trust created for the purpose of acquiring and holding an indirect interest in Trimac.
Trimac is Canada's largest provider of bulk trucking services with operations from coast to coast. In addition, through its wholly owned subsidiary, Bulk Plus Logistics Limited Partnership, Trimac provides third party transportation logistics services in Canada and the United States. Trust units of Trimac Income Fund are traded on The Toronto Stock Exchange under the symbol TMA.UN.
