VERNON, B.C. – Timber Investments Ltd. has completed the purchase of a 51 per cent interest in Columbia Containers Ltd. (CCL) from Providence Grain Group (PGG), with PGG retaining the remaining 49 per cent ownership interest. Other terms of the private transaction were not disclosed.
CCL, which operates a specialty agri-products container transloading facility on the south shore of Burrard Inlet in Vancouver, British Columbia, has recently completed a major capital upgrade which will result in a capacity increase to 1.5 million tonnes of annual throughput and the ability to handle unit trains more efficiently.
CCL also provides freight forwarding services to PGG and other grain shippers through its wholly owned subsidiary, CWest Solutions Inc.
This investment in CCL will complement Timber’s interests in two other West Coast logistics operations. Timber is the principle investor in Fibreco Export Inc., a bulk wood pellet and grain loading facility located on the north shore of Burrard Inlet. The Fibreco facility, which is capable of receiving unit trains and loading out Panamax-sized vessels, will have an annual capacity of 3.6 million tonnes when its current expansion project is completed.
Tolko Industries (wholly owned by Timber) also operates Lulu Island Terminal, a wood product container transloading facility located in Richmond, B.C., which is the largest purpose-built facility of its type on the west coast of Canada.
Fort Capital Partners and Blake, Cassels and Graydon LLP provided financial and legal advice to Timber in connection with the investment.