Case Study

Case Study 5: Shareholders Divesting Their Business

Torus Freight Systems has been acquired by Transplace
Stillwater Capital acted as exclusive advisor to Torus Freight Systems


Torus Freight Systems, headquartered in Richmond Hill, Ontario, is a leading freight management company, focused primarily on moving freight from the United States into Canada. A growing demand from their customer base to manage portions of domestic US freight left them unable to meet the demand. Torus’ corporate structure included four shareholders, with the majority shareholder wanting to retire, and the remaining three shareholders desiring to remain with the business but take some money off the table.


Stillwater was initially hired by Torus in 2008 to sell the company. A competitive bid process was run, and resulted in multiple offers in late summer 2008. However, as a result of the financial crisis of September and October 2008, the company was taken off the market until a better time. That better time came in June 2012, when the company went back on the market and Stillwater re-commenced the sale process. Stillwater contacted a select few prospective strategic buyers, resulting in several offers to acquire the business. A letter of intent was signed late August 2012 with Texas-based Transplace, a CI Capital Partners portfolio company, looking for a strategic add-on. The sale of Torus Freight Systems to Transplace was completed December 3, 2012.

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