Northborne Partners

MINNEAPOLIS, MN - July 21, 2022 – Northborne Partners is pleased to announce that it served as financial advisor to Cando Rail & Terminals Ltd. (“Cando”) in connection with their announced acquisition by Alberta Investment Management Corporation (“AIMCo”). AIMCo has signed a definitive agreement that would see AIMCo acquire a 100% equity stake from TorQuest Partners. Financial terms were not disclosed.

Founded in 1978 and headquartered in Brandon, Manitoba, Cando serves as a critical and integrated link in the rail supply chain, connecting large industrial shippers to the Class I rail network. Cando operates an inter-connected network of 40+ industrial railyards, nine owned terminals and one short-line railroad. This network, along with 900+ employees and 100+ locomotives, allows Cando to deliver significant benefits to both shipper-customers and Class I partners. Cando, long a proponent of the benefits of broad-based employee ownership, has more than 400 active employee shareholders, who collectively own 25% of the business. There will be no changes to the company's operations or management as a result of the transaction, and Cando remains committed to investing in its rail infrastructure in order to enhance customer service.

AIMCo is a global infrastructure investor and one of Canada's largest and most diversified institutional investment managers.

Ben Marks, Managing Director at Northborne, said, “Cando is an exceptional business that is uniquely positioned to address the rail industry’s most pressing needs – enhanced service delivery and reliability for shipper-customers and sustainable efficiency gains and network fluidity for Class Is. It was a privilege working with the Cando’s talented management team to help them find the right partner to continue their success.”

Brian Cornick, President & CEO of Cando said, “We are delighted with the success of our partnership with TorQuest and excited about the next chapter of our business evolution in partnership with AIMCo. We look forward to continuing to support our customers and benefitting from AIMCo's considerable experience, relationships and resources." Regarding Northborne’s involvement, Brian Cornick commented, “Northborne was a trusted partner - their industry expertise proved invaluable to ensure Cando’s novel value proposition and business model was communicated effectively.”

About Northborne Partners

Northborne Partners is a preeminent middle market investment banking firm focused on providing M&A advisory services to companies in the food & consumer, healthcare and industrials sectors, among others. It focuses on advising private-equity and closely-held businesses on complex sell-side transaction. Northborne Partners is headquartered in Minneapolis, MN. For more information, please visit www.northborne.com.

About Cando Rail & Terminals

Cando Rail & Terminals is Canada's leading provider of specialized rail operating services that allow industrial shippers to optimize their supply chains and connect to Class I railways by leveraging Cando's operating capabilities and network of owned multi-purpose rail terminals. The company provides a wide range of rail services including short line operations, industrial switching, material handling, terminal & transload services, railcar staging, train assembly, and related services. Fully embedded in their customers' supply chain, Cando Rail & Terminals ensure their customers' products get to where they need them, when they want them. For more information, please visit www.candorail.com.

About TorQuest Partners

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$3.5 billion of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund V, a C$1.4 billion fund that closed in March 2020. TorQuest invests in middle market companies and works in close partnership with management to build value. For more information, please visit www.torquest.com.

About Alberta Investment Management Corporation

AIMCo is one of Canada's largest and most diversified institutional investment managers with $168.3 billion of assets under management as of December 31, 2021. AIMCo was established on January 1, 2008, with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 32 pension, endowment, and government funds in the Province of Alberta. For more information, please visit www.aimco.ca.