INNOVA Global Ltd., a portfolio company of TriWest Capital Partners, has acquired the Braden business from Global Power Equipment Group, Inc. (OTCPK: GLPW) for US $43.3 million in cash.
The Braden business is comprised of Braden Manufacturing, LLC (BUSA) in Tulsa, Oklahoma, Consolidated Fabricators (CFI) in Auburn, Massachusetts and Braden-Europe (BEUR) located in Heerlen, the Netherlands.
With the Braden acquisition, INNOVA expands its global reach with added market presence in North, Central and South America, as well as Europe, the Middle East, North Africa, China and, Australasia.
“As a result of this transaction, INNOVA will expand its international footprint into Europe, China, the Middle East and North Africa as well as strengthen its presence in the US and the Americas. Importantly, the clients of the combined entity will benefit greatly from the breadth of prequalified product designs and solutions to service its clients worldwide,” said INNOVA’s President and CEO Harry Wong.
“We look forward to strengthening our operations through extension of the technical capabilities, global supply chain, and expansion of product offerings through the combined INNOVA-Braden team. Similarly, we also plan to work with the strong CFI team to strengthen its product offering to existing clients and to manufacture some of their current specialized parts. Braden Europe provides INNOVA with an important base within the European Union and a pathway to offer additional products and services to clients within BEUR’s geographical markets,” added Wong
The Braden transaction, follows INNOVA’s acquisition earlier this year of the liquidated intellectual property assets of Express Integrated Technologies (EIT) a leader in Selective Catalytic Reduction Systems and Once Through Steam Generators (OTSGs).
Founded in 1991, Calgary based INNOVA Global, formerly ATCO Emissions Management, ATCO Noise Management and Higgott-Kane, is a full service engineering, fabrication, procurement and construction company specializing in air and noise emissions control, acoustic consulting, gas turbine systems, heat recovery, waste heat recovery boilers, SAGD boilers, modular gas compression facilities, and turnkey building solutions primarily for oil and gas, power generation and industrial customers.
On December 31, 2015, TriWest Capital Partners V acquired ATCO Emissions Management from ATCO Ltd. (TSX: ACO) for $60 million.