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Abacus Private Equity acquires Waiward Steel Fabricators

Abacus Private Equity, an affiliate of Canadian investment and advisory firm Hillcore Group, has acquired Waiward Steel Fabricators Ltd for an undisclosed amount. Founded in 1972 and headquartered in Edmonton, Waiward is an industrial steel fabricator and provider of construction services. Abacus said it sourced and negotiated the deal on behalf of Hillcore, which will manage Waiward in partnership with its senior management team. Abacus, which was bought by Hillcore in 2012, reported in January that it completed acquisition deals with a total value of $670 million last year.


Abacus Private Equity & Hillcore Group Complete Acquisition Of Waiward Steel

EDMONTON, April 30, 2015 /CNW/ – Abacus Private Equity Ltd. (Abacus), a subsidiary of the Hillcore Group (Hillcore), is pleased to announce the completion of the acquisition of Waiward Steel on April 10, 2015.

Founded in 1972 and headquartered in Edmonton, Alberta, Waiward is one of Canada’s largest industrial steel fabricators and a leading provider of construction services. Waiward employs approximately 635 individuals across 3 locations.

Abacus sourced and negotiated the transaction on behalf of Hillcore, which, in partnership with Waiward’s existing senior management team, will continue Waiward’s long-standing history of operational excellence and quality.

The Hillcore Group and Abacus Private Equity

Abacus is an active purchaser and operator of various businesses across Canada, with a particular emphasis on leveraged and management assisted buyouts.

Since 2005, the Hillcore Group, directly or indirectly through its investment funds, has closed transactions with an aggregate asset value in excess of $6.5 billion with $670 million closed in 2014 alone. Entities under the Hillcore Group’s management have an asset value in excess of $3.2 billion as of December 31, 2014. The Hillcore Group has offices in Toronto, Vancouver, Calgary and Montreal, and together with its various groups and portfolio companies, employs approximately 2,500 individuals across Canada.

SOURCE Abacus Private Equity

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Photo courtesy of Waiward Steel LP