Contrans to acquire refrigerated carrier

WOODSTOCK, Ont. (March 31, 2004) — Contrans Income Fund yesterday announced that it intends to acquire Clark Transportation, a Perth, Ont.-based truckload carrier that operates a fleet of 50 company trucks within Ontario, Quebec, and the eastern United States.

Contrans — parent company of Laidlaw Carriers, Brookville Carriers, and Tri-Line Freight Systems — is finalizing due diligence reviews related to the purchase, which is expected to close tomorrow, on April 1, 2004. Contrans says it will operate the company as an independent unit with its existing drivers, management, and staff.

The trucking business of Clark — which specializes in refrigerated operations — recorded revenues of approximately $11 million in its most recent fiscal year ended June 30, 2003.

“Clark’s success is a direct result of exceptional service provided to their customers by the Wills family, who have owned, operated and tirelessly managed the business for the last 11 years. We’re pleased to welcome Edward, Kevin and Greg Wills to the Contrans team, and look forward to each of them continuing to perform in their current capacities with Clark,” Contrans CEO Stan Dunford said in a press release.

Clark is the second fleet Contrans acquired this year. Last month the company purchased dry waste carrier Elgin Cartage Limited of London, Ont.