Mergers, buying activity picks up in Canada: report

TORONTO – Canada’s 10 fleet acquisitions by major public carriers this year is just one short of the record of 2006.

According to data compiled by Bloomberg, the number of Canadian merger and acquisitions among larger stock-based carriers so far this year is just five short of those in the U.S.

Poised to surpass the record of annual takeovers, carriers are signaling confidence in the Canadian economy’s resilience compared to the U.S. or Europe, says Bloomberg.

Companies like TransForce, Contrans and Mullen have barreled down on acquisition trail this year, compared to 2010, when no major fleet purchases were reported.

Top company execs told the news service that one reason they’re in the buying mood again is because of the high number of well-run, "aging" family-run fleets looking for a buyout.

"The reason we are back buying companies is because we see good opportunities," said TransForce CEO Alain Bedard. "Instead of bringing our debt down all the time, we invest.”