Loan saves Pride Group Logistics, preserves 300 jobs

Maynbridge Capital has provided a senior secured term loan to Pride Group Logistics (PGL), preventing a major liquidation and preserving nearly 300 jobs in Canada and the U.S.

The financing enabled PGL’s founders, Sam and Jas Johal, to reacquire the company following a court-ordered sale triggered by two years of market challenges. The loan allowed the Johals to retain ownership of the business they built over 15 years.

“This partnership is a great example of why we built Maynbridge: supporting Canadian businesses when traditional banks have turned their backs,” said Dean Shillington, president of Maynbridge Capital.

Maynbridge specializes in asset-based lending and transitional financing. The firm has helped more than 100 companies avoid bankruptcy over the past decade.

Amal Johal, president of Pride Group Logistics, said Maynbridge’s support was crucial to securing the deal and preserving the company’s legacy.

“Two years of declining customer demand and rising interest rates created immense challenges, but their unique approach gave us the confidence and financial support we needed to navigate this pivotal moment for PGL,” he said.

PGL operates in the North American logistics sector and will continue business under its existing leadership following the transaction.