FORT SASKATCHEWAN, ALBERTA, CANADA — Timber Investments Ltd. has acquired a 51% interest in Columbia Containers Ltd. from Providence Grain Group Inc. Providence Grain said it will retain a 49% ownership stake in the company. Financial terms of the transaction were not disclosed.
Columbia Containers operates an agri products container transloading facility on the south shore of Burrard Inlet in Vancouver, British Columbia. The company recently completed a major capital upgrade, which will result in a substantial capacity increase to 1.5 million tonnes of annual throughput and includes the ability to handle unit trains more efficiently. Columbia Containers also provides freight forwarding services to Providence Grain Group and other grain shippers through its wholly owned subsidiary, CWest Solutions Inc.
Established in 2002, Providence Grain Group is a producer-owned agricultural commodity business in Canada. The company offers grain drying, storage, off farm pickups, specialized marketing services, hedging, futures and options. Providence Grain said the sale of the 51% stake in Columbia Containers will allow it to recapitalize its balance sheet, reduce its cost structure and position it to pursue core grain merchandising business growth initiatives.
Timber Investments Ltd. is a privately-owned investment company located in Vernon, British Columbia. In addition to its investments in logistics businesses, Timber has a number of other investments, including in the real estate and forest products industries.