Established in 2002, Providence Grain will remain with 49% ownership stake in the company.
According to Timber Investments, the investment in CCL will complement its interests in two other west coast logistics operations, including Fibreco Export Inc., a bulk wood pellet and grain loading facility located on the north shore of Burrard Inlet.
Timber Investments Ltd. is a privately-owned investment company located in Vernon, British Columbia.
In addition to its investments in logistics businesses, Timber has several other investments, including in the real estate and forest products industries.
“Timber is the principle investor in Fibreco Export Inc., a bulk wood pellet and grain loading facility located on the north shore of Burrard Inlet.
The Fibreco facility, which can receive unit trains and loading out panamax sized vessels, will have an annual capacity of 3.6 million tonnes when its current expansion project is completed.
Tolko Industries (wholly owned by Timber) also operates Lulu Island Terminal, a wood product container transloading facility located in Richmond, British Columbia, which is the largest purpose-built facility of its type on the west coast of Canada,” read the company statement.
Providence Grain, on the other hand said the sale of the 51% stake in Columbia Containers will allow it to recapitalize its balance sheet, reduce its cost structure and position it to pursue core grain merchandising business growth initiatives.
The company offers grain drying, storage, off farm pickups, specialized marketing services, hedging, futures and other options.
Columbia Containers operates a specialty agri products container transloading facility on the south shore of Burrard Inlet in Vancouver, British Columbia.
The company recently completed a major capital upgrade which resulted in a substantial capacity increase to 1.5 million tonnes of annual throughput and includes the ability to handle unit trains more efficiently.
It also provides freight forwarding services to PGG and other grain shippers through its wholly owned subsidiary, CWest Solutions Inc.