Clarke sells Versacold for over $100M

HALIFAX — Diversified trucking company Clarke Inc. says it has received proceeds of $101.2 million, before income taxes of $30.6 million, on the sale of its units in Versacold Income Fund.

The company was sold to Eimskip Holdings Inc. in connection with Eimskip’s takeover of Versacold.

Clarke will use the funds to make strategic and opportunistic investments, the company said.

“We are proud of the achievement that the Versacold transaction represents for Clarke,” said George Armoyan, president and CEO. “We are focused on identifying and capitalizing on opportunities to increase returns to our shareholders; this transaction demonstrates the merits of our system for making strategic investments.”

Clarke acquired an interest of about 20 percent in the Fund in July 2006 and gained Board representation the following month.

In May 2007, Clarke increased its Board representation, and became further involved in setting the Fund’s strategic course — leading to the takeover by Eimskip.

“The $12.25 per unit offer by Eimskip represents excellent value for all Versacold unitholders. I commend the entire Clarke team for their efforts on the Versacold file,” said Armoyan.

Clarke Chief Operating Officer Rob Normandeau said in a press release that the company has “an enviable pipeline of potential investment opportunities, and a strong team of investment, financial and legal professionals to execute on them.”