Manac reviews strategic options

Manac Inc., which bills itself as Canada’s largest truck-trailer manufacturer, said it’s reviewing strategic options, including a sale of the company.

The move comes just 18 months after it completed an initial public offering that netted the company about $ 40 million in gross proceeds, about half of which was used to repay debt.

Manac’s stock set a 52- week high of $ 9.40 in early Monday trading. It was up 36 cents or four per cent to close at $ 9.10 on the Toronto Stock Exchange, giving it a market value of about $ 43.3 million.

The Quebec- based company, which makes specialty trailers such as grain hoppers and logging trailers sold across North America, said it would also consider a merger or another business transaction.

Manac said its operations will be unaffected by the strategic review and there’s no assurance any deal will result.

The company began operations in 1966 and acquired Canam Steel in 1972.

In 2004, Canam Manac sold the semi- trailer business to the founding Dutil family. After going public, its largest owners are the Quebec Federation of Labour’s Fonds de solidarité, the Caisse de dépôt et placement du Québec and Fiera Capital, which together own 41 per cent of its shares, according to Thomson Reuters.

Manac acquired B. C.- based Peerless Ltd. last summer for $ 14.7 million.

Its net income decreased 26 per cent to $ 9.7 million last year despite higher revenue at $ 330.7 million due to the addition of Peerless. Manac’s backlog reached a record $ 173.5 million.