Canadian-based carrier Highlight Motor Group (HMG) received a $55 million minority stake investment from private equity firm Crédit Mutuel Equity, a subsidiary of French-based banking group Crédit Mutuel Alliance Fédérale.
The investment is aimed at supporting HMG "in its continued growth in the very dynamic North American market," stated the press release. "It will also finance an ambitious development plan."
Specific details about the company's expansion plan were not disclosed.
Headquartered in Ontario near Toronto, HMG offers logistics, transportation and warehousing throughout North America. The carrier utilizes a fleet of more than 430 tractors and over 800 trailers to provide temperature-controlled shipment of hazardous products.
"Our company is growing rapidly and we welcome a leading minority shareholder. It was important for us to join forces with a reliable investor who shared our long-term vision, and this partnership will allow us to accelerate our expansion in North America," said HMG President and CEO Kirk Kalinitchenko.
In addition to its headquarters, HMG operates facilities in New Jersey, Los Angeles and Chicago. The company reported $120 million of consolidated sales in 2018.
HMG is listed as No. 65 on Today's Trucking's 2018 biggest fleets in Canada.
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