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 CCMET Group of Companies, a leading provider of integrated materials engineering and testing throughout Western Canada, by an affiliate of the Fund.
Founded in 1987 and headquartered in Burnaby, British Columbia, CCMET is a preferred engineering and materials testing company. Having grown to 250 employees over the past ~30 years, the employee owned company has developed strong partnerships through-out the construction industry. CCMET’s diverse and fully integrated service offering make them a key partner on many of the country’s largest infrastructure projects. Their service offering includes; materials testing, materials engineering, geotechnical engineering, concrete restoration, environmental engineering and total quality management.
“The opportunity to partner with founder and President Harry Watson and the entire CCMET team is an exciting opportunity. The strength of any business lies in its people. The CCMET leadership team has consistently demonstrated its vision and core values in building the employee owned company”, said Equicapita Co-Founder, Michael Cook. “CCMET provides Equicapita with further portfolio diversification, both geographically and by industry. Partnering with the existing CCMET management team provides Equicapita with a solid platform for continued success, added stability and a step change in the size and scope of the investment portfolio.”
Consistent with our investment mandate, CCMET is a long established Western Canadian business with nearly 30 years of operating history serving a cross-section of industries, including; municipalities, engineering firms, government agencies, developer’s. CCMET’s consistent history of strong profitability, a diversified customer and industry base and an industry leading management team represent cornerstones of Equicapita’s investment strategy. The CCMET transaction closed on March 21st, 2016. Equicapita retained Norton Rose Fulbright (“NRF”) and Pricewaterhouse Coopers LLP (“PwC”) as advisors.
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 $30+ million. This investment represents Equicapita’s fifth portfolio company investment.
For more information please contact:
Michael Cook
Director
Tel: 587.887.1538
E-mail: mcook@equicapita.com
Greg Tooth
Director
Tel: 587.887.1527
E-mail: gtooth@equicapita.com
Stephen Johnston
Director
Tel: 403.218.6506
E-mail: sjohnston@equicapita.com
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.