Triple M Modular Ltd. has entered into a binding agreement with WesternOne Inc. (TSX: WEQ) to acquire substantially all of the assets and liabilities of Britco Manufacturing, WesternOne’s Canadian modular building manufacturing business.
Lethbridge, Alberta based Triple M Modular has been a portfolio company of TriWest Capital Partners IV, L.P. since August 2013.
WesternOne will receive cash consideration of $2.5 million upon closing, plus or minus customary working capital adjustments and up to an additional $2.5 million contingent on earnings from the business sold for the 12-month period following the close of the transaction.
Langley, British Columbia based Britco Manufacturing provides innovative modular construction solutions, with design-build and turn-key capabilities, for permanent applications such as multi-user buildings, hotels and lodges and offices, and relocatable structures such as office complexes, construction site offices and workforce accommodations.
“We are excited to partner with management and staff at Britco Manufacturing as they continue to grow their presence in the commercial and permanent modular construction sectors,” said Rick Weste, President of Triple M Modular Ltd.
Raymond James Ltd. acted as financial advisor to WesternOne in connection with the transaction.
photo credit: Britco Manufacturing