Canam Group Inc. (TSX: CAM) has entered into a definitive agreement pursuant to which members of the Dutil family and American Industrial Partners will acquire, directly or indirectly, all of the issued and outstanding common shares, except for approximately 4.7 million shares already owned by the Dutil family Group for a price of $12.30 per share in cash.
Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ, long time shareholders of Canam, will participate by rolling all or part of their shares, and as such, Caisse, Fonds and the Family group could own as much as 40% of equity in the future company.
The transaction values Canam at an enterprise value of approximately $875 million, including the assumption of existing indebtedness.
Norton Rose Fulbright Canada LLP acts as independent legal counsel to the Special Committee and Fasken Martineau DuMoulin LLP acts as legal counsel to Canam. BMO is the financial advisor to the Special Committee and Deloitte has been retained by the Special Committee as independent valuator in accordance with applicable securities laws.
Stikeman Elliott LLP and Ropes & Gray LLP act as legal counsel for the investors and Stein Monast LLP acts as legal counsel to the Family Group. Morgan Stanley is the financial advisor for AIP. McCarthy Tetrault LLP acts as legal counsel to Caisse and Fonds.
Canam Group specializes in designing integrated solutions and fabricating customized products for the North American construction industry. The company operates 23 plants across North America and employs over 4,650 people in Canada, the United States, Romania and India.
photo credit: Canam Group