on Pride Group Enterprises
CCAA Court Approves Sale of Pride Group Logistics
Pride Group Logistics Ltd. announced that the Ontario Superior Court of Justice has approved a transaction. The sale will see 1000927605 Ontario Inc. acquire substantially all assets of Pride Group Logistics to maintain business operations and safeguard over 500 jobs.
On May 15, 2024, the court authorized Pride Group Logistics to conduct a sale and investment process, overseen by Ernst & Young Inc. The successful bid was identified and led to the purchase agreement dated Sept. 22, 2024.
The transaction includes acquiring the fleet, equipment, inventory, intellectual property, and contracts critical to the business. The CCAA Court's approval ensures operational continuity and job preservation.
The closing is subject to the issuance of the AVO and other customary conditions. The transaction is expected to close by Oct. 16, 2024.
R. P.
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