Pride Group co-founders secure $54.5 million to repurchase trucking business from liquidation

theglobeandmail.com February 3, 2025, 09:00 PM UTC

The co-founders of Pride Group, Sam and Jas Johal, have secured $54.5 million to repurchase Pride Group Logistics Ltd. This comes after the company filed for creditor protection in March 2024, burdened with $1.6 billion in debt. Pride Group Logistics employs over 500 people and operates 1,459 trucks and trailers, significantly smaller than the 20,000 vehicles at its peak. The Johal brothers received a $40 million loan from Maynbridge Capital to finance the purchase. The liquidation of Pride Group has affected the trucking market, leading to a surplus of inventory and declining values. Canadian Western Bank noted the impact on the banking sector, as it prepares for potential loan defaults.


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