Avion now has 85.8% of Atlas

Avion now has 85.8% of Atlas    Iceland’s Avion Group has secured 85.8 percent of the outstanding units in Toronto-based Atlas Cold Storage, following its C$583 million ($519.7 million) takeover offer.
   Avion said it will take immediate steps to acquire all remaining Atlas units, which it expects to complete by Friday.
   Avion, through its subsidiary Eimskip Canada Inc., raised its offer for the outstanding shares in Atlas from C$7 ($6.24) per unit to C$7.50 ($6.69) per unit. Eimskip Canada’s offer is financed by Avion and KingStreet Real Estate Growth LP, who already owned 13.8 percent of Atlas.
   Atlas is North America’s second-largest cold storage company with 53 temperature controlled distribution centers in the United States and Canada. Last year, the company posted profit of C$55 million ($49 million) on revenue of C$470 million ($419 million).
   “We are thrilled to have come to a successful and friendly conclusion to our acquisition of Atlas,” said Magnus Thorsteinsson, Avion’s executive chairman. “Atlas is a great company that has enjoyed a number of recent successes and accomplishments. It is clear we share the same overall vision to continuously deliver high-quality logistics services to our customers.”
   “This is an exciting time for Atlas as we join forces with an expansive and quickly growing international transportation and cold storage company,” said David Williamson, Atlas’ chief executive officer.