An Ontario public-sector pension fund manager has agreed to buy Ohio-based Kenan Advantage Group, which operates a trucking network that delivers fuel, chemicals and liquid food to about 2,000 customers throughout North America.
OMERS Private Equity didn't disclose how much it will pay to acquire KAG from Goldman Sachs Capital Partners and Centerbridge Partners.
It said Kenan Advantage has a good management team and long-term growth prospects that fit the investment strategy of the Ontario Municiple Employee Retirement System, which has about $72-billion of assets under management.
Kenan currently delivers fuel throughout the continental United States and in Mexico. In Canada, it has locations in Alberta, British Columbia, Ontario, Saskatchewan and Northwest Territories.
The transaction is expected to close in this year's third quarter.