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New owners in driver's seat as Bison Transport hitches up with James Richardson and Sons

Reference: CBC News

A Winnipeg trucking firm that has a plan for the long haul has been sold to a business that knows about longevity.

Bison Transport CEO Robert Penner said the sale of the company to James Richardson and Sons Ltd. — one of Canada's largest private companies — is the right fit.

"They are 164 years old. They don't do anything for the short term," Penner said.

"They are strong, positive community-minded owners, no different than the Jessiman family has been for us."

The Jessiman family started Bison Transport in 1969, and felt James Richardson and Sons — another Winnipeg-owned and family-run business — was the right match for their trucking company.

They quietly approached the Richardson family last year about a possible sale. The purchase was announced this week.

"From our perspective, this is a win-win scenario for everybody," said Penner, who has spent 30 years with Bison.

"The long-term future of this business has been secured as a Canadian company and as a Manitoba-based enterprise."

The financial terms weren't disclosed, but the deal is significant. Bison Transport has reported annual revenues in the range of $850 million, Penner said.

The trucking firm is one of Canada's largest, with more than 3,700 employees and contractors operating a fleet of 2,100 trucks and 6,000 trailers across North America.

Bison has an aggressive five-year plan to grow by 50 per cent. The company is targeting annual revenues of $1.5 billion in the next five years.

That's where James Richardson and Sons, a multi-billion dollar enterprise, can help. Penner said Bison can now access the capital it needs... Read More