Contrans sells off interest in busing

WOODSTOCK, Ont. — Contrans Income Fund, owner of one of the nation’s largest motor carrier operations, has now completely moved out of the busing business so it can concentrate on trucking services.

The company today announced it has completed a sale to Stock Transportation Ltd. of all of its interests in Northstar Passenger Services and Walsh Transportation for approximately $54 million plus about $2 million in liabilities.

As a result of this transaction, Contrans has sold all of the assets associated with its busing operations.

“The disposition of the busing business of Contrans will be a positive development for Contrans in that it will allow Contrans to focus exclusively on its core freight transportation business and will augment the capital available to pursue acquisition opportunities,” said Stan Dunford, Chief Executive Officer of Contrans.

Contrans has been providing freight transportation services since 1985. It operates about 1,300 power units and 2,100 trailers.