Canadian industrial distributor Wajax Corp. (TSX: WJX) on Wednesday introduced it has agreed to amass Calgary, Alberta-based distributor Tundra Course of Options Ltd. for C$99.1 million (US$77.7 million).
Based in 1999, Tundra gives upkeep and technical providers to clients within the western Canadian midstream oil and gasoline, oil sands, petrochemical, mining, forestry and municipal sectors. Tundra additionally distributes a various vary of commercial course of gear, representing producers of valves and actuators, instrumentation and controls, motors and drives, management buildings, boilers and water remedy options.
The corporate employs about 150 folks and operates 4 amenities in Alberta — Calgary, Edmonton (2 places) and Grande Prairie. Tundra additionally maintains a neighborhood gross sales presence in Fort McMurray and Crimson Deer, Alberta; Vancouver and Fort St. John, British Columbia; and southern Saskatchewan.
Wajax, which ranks No. 28 on MDM’s Top Industrial & Construction Distributors, stated the addition of Tundra meets its acquisition technique and is predicted to “present significant progress within the company’s Engineered Restore Providers and industrial components classes.” For the 12-month interval ended Nov. 30, Tundra generated revenues of roughly C$147.8 million (US$115.9 million).
“We welcome Tundra and its workforce of devoted professionals to Wajax,” stated Mark Foote, president and CEO of Wajax, “Tundra’s market management in course of management gives Wajax with significant scale in ERS and associated industrial components in western Canada. In central and japanese Canada, Tundra’s technical capabilities and product and repair vary will present new alternatives to additional lengthen Wajax’s ERS providers to our clients. Our complementary cultures of security, customer support and product and repair innovation interprets into progress pushed by a constant imaginative and prescient of regularly growing what we are able to do for our clients.”
Added Iggy Domagalski, CEO of Tundra: “Partnering with Wajax permits us to immediately develop our volumes by leveraging our mixed buyer relationships and department networks. Present Wajax clients will profit from a broader vary of valve, instrumentation and electrical services and products, and present Tundra clients will profit from Wajax’s intensive ERS portfolio and geographic footprint. We’re excited to affix Wajax and contribute to the purpose of turning into Canada’s main ERS supplier.”
PricewaterhouseCoopers LLP and Scotiabank are performing as monetary advisers to Wajax for the acquisition. Deloitte Company Finance Inc. is serving as monetary adviser to Tundra.
Picture courtesy Angle Media Group