Right-O-Way Inc., a Tustin-based air freight firm, has been acquired for an undisclosed sum by a transportation subsidiary of one of Canada's largest privately held companies.
Day and Ross Inc. of Toronto will operate Right-O-Way under its existing name as a U.S. subsidiary and will retain all of Right-O-Way's 400 employees, a spokesman for the company said Tuesday.
Terry Bird, vice chairman and chief executive of Day and Ross, has assumed the responsibilities of chairman of Right-O-Way. Josh Brown, the sole owner of Right-O-Way, will be president and chief executive officer.
Right-O-Way expects revenues of $55 million this year. Day and Ross is a subsidiary of McCain Foods Ltd. of Florenceville, New Brunswick, a food processor and distributor with $1.6 billion in annual sales. McCain has subsidiaries involved in air and ground transportation.