Oakville, Ontario – December, 2009 – ASL Distribution Services Ltd.(ASL) today completed the acquisition of Professional Distribution Services (PDS) a division of Drive Products Income trust (DPI). Financial terms of the deal will be disclosed under regulatory filings made by the trust.
“The value proposition of this acquisition for both ASL and DPI was a 12 on a scale of 1 to 10” said Robert Kheir, lead advisor on this transaction. “In a sector hit hard in recent years by high fuel costs and the current economic environment, this transaction is a text book example of using acquisitions to reduce risk.”
“ASL is very excited about having acquired PDS,” says Cole Dolny, President of ASL, “they are a professionally run organization with a great group of customers. PDS fits both operationally and culturally with ASL as both organizations are focused on success through striving to be a leader in customer-centric service and flexibility. The acquisition process itself has been a very positive experience with a very high degree of skill, professionalism and respect among all of the parties including Drive Products and Osprey Capital.”
“We not only sold one of our non-core divisions but we gained a strategic partner that will help us streamline our supply chain” said Greg Edmonds, CEO of DPI. “We are confident that PDS will flourish under the leadership of ASL.”
About ASL Distribution Services Ltd.
ASL Distribution Services Limited (ASL) is an asset-based full-service third party logistics (3PL) provider to many industry leading, name brand and Fortune-500 companies. ASL celebrated their 50th anniversary this year, was recognized in February 2009 as one of Canada’s 50 Best Managed Companies and is ISO 9001:2008 registered.
About Drive Products Income Fund
Founded in 1983, Drive Products is a Canadian leader in the design and installation of systems solutions that transform a conventional new truck chassis into a specialized vehicle that meets a customer’s technical and performance requirements. To achieve this, Drive Products offers a wide variety of products from leading international manufacturers, in many instances as the sole distributor in Canada.
About Osprey Capital Partners
Osprey is one of Canada’s leading independent, mid-market investment banks with 16 partners and 3 offices across the country. With over a billion dollars worth of successful transactions since inception, it has built extensive industry specialization in areas related to Transportation and Logistics and Manufacturing as well as many other industries.
Robert S. Kheir is a Partner at Osprey Capital in Toronto, Ontario, Canada. His focus and area of expertise is mid-market mergers and acquisitions. He holds BA in economics from York University, an MBA from Wilfrid Laurier University and is a Certified Management accountant. He can be reached directly at 416-867-8278.