Calgary, Canada, June 02, 2015 --(PR.com
)-- Equicapita Income Trust and Equicapita Income LP (collectively “Equicapita” or the “Fund”) are pleased to announce the completion of the acquisition of a 70% equity ownership of North West Crane Group of Companies (“NWC”), a provider of integrated, full service crane solutions in Western Canada, by an affiliate of the Fund.
Established in 1993 and headquartered in Leduc, Alberta, NWC is a preferred supplier of truck cranes, boom trucks/picker trucks and related services to its client base in the oil and gas, pipeline, utilities, forestry and general construction sectors. With approximately 60 employees working in its locations in Leduc, Grande Prairie and Calgary, NWC is a leader in crane solutions in Western Canada.
“We are excited to partner with Jon Janssen, president of NWC, and partners Don Kurjata and Dave Friesen, who are leaders in the Western Canadian crane industry,” said Equicapita Co-Founder, Michael Cook, “NWC provides Equicapita with an excellent opportunity to continue to execute on our investment strategy and, by partnering with existing management, sets the stage for ongoing success.” Equicapita has also brought in Glen Kinnee, a successful Edmonton based entrepreneur and Chartered Accountant, as a co-investor and new shareholder, to help guide the business and provide strategic leadership to the management team at NWC.
NWC is a well-established Western Canadian business with over 20 years of operating history serving a cross-section of industries. NWC’s long history of strong profitability, a diversified customer and industry base and a strong management team represent cornerstones of Equicapita’s investment strategy.
The NWC transaction closed on May 31st, 2015. Equicapita retained Burstall Winger Zammit (“BWZ”) and BDO Canada LLP (“BDO”) as advisors. BWZ provided legal and tax structuring support and BDO provided tax due diligence support.
About Equicapita: Founded in 2013, Equicapita is a private company buyout fund based in Calgary, Alberta focused on acquiring private, Western Canadian businesses with enterprise values ranging from $5 million to $20+ million. This investment represents Equicapita’s fourth portfolio company investment.
For more information please contact:
Forward looking information
This news release may contain certain information that is forward looking and, by its nature, such forward-looking information is subject to important risks and uncertainties. The words "anticipate," "expect," "may," "should" "estimate," "project," "outlook," "forecast" or other similar words are used to identify such forward looking information. Those forward-looking statements herein made by Equicapita, if any, reflect Equicapita's beliefs and assumptions based on information available at the time the statements were made. Actual results or events may differ from those anticipated or predicted in these forward-looking statements, and the differences may be material. Factors which could cause actual results or events to differ materially from current expectations include, among other things: risks associated with the ownership and operation of businesses, including fluctuations in interest rates; general economic conditions; supply and demand for businesses; competition for available businesses; changes in legislation and the regulatory environment; and international trade and global political conditions. Readers are cautioned not to place undue reliance on any forward-looking information contained in this news release (if any), which is given as of the date it is expressed herein. Equicapita undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise.