Manac Inc (TSX: MA), a portfolio company of U.S. private equity firm American Industrial Partners, has acquired Peerless Ltd for $14.75 million in cash. Based in Penticton, British Columbia, Peerless is a designer and manufacturer of highly specialized trailers and chassis for a variety of industries. The Saint-Georges-de-Beauce, Québec-based Manac is a manufacturer of vans, flatbeds and specialty trailers. The company raised approximately $40 million in gross proceeds from its initial public offering of subordinate voting shares last September.
Manac acquires specialty trailer manufacturer Peerless Limited
SAINT-GEORGES, QC, June 17, 2014 /CNW Telbec/ – Manac Inc. (TSX: MA) (“Manac”), a North American leader in the design and manufacturing of specialty trailers, announces today the acquisition of all of the issued and outstanding shares of Peerless Limited (“Peerless”) for $14.75 million in cash, subject to certain net working capital adjustments.
Established in Penticton, British Columbia, Peerless is a designer and manufacturer of highly specialized trailers and chassis for a variety of industries, including oil and gas, mining, forestry, logging and construction. Peerless had been operating the Mobile Solution division of McCoy Corporation (TSX: MCB) since 2004.
“This completes a good first step in Manac’s targeted progress and growth. The reputation of the Peerless brand, its product line, the quality of the work force and its geographic location fit very well with our vision and our values. We will now start the implementation of a well-defined Operating Agenda and capitalize on all of the identified synergies; and this starts right now.” says Charles Dutil, President and Chief Executive Officer of Manac. “Not only will we provide strong support to the local leadership team, but Peerless will also profit from Manac’s core strengths, including gaining access to Manac’s know-how and resources which are considered key assets to our success in the trailer industry.” added Charles Dutil.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac(R), CPS(R), Darkwing(R), UltraPlate(R) and Liddell Canada(R). Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri.
Manac is listed on Toronto Stock Exchange (TSX : MA). For more information on Manac, please visit www.manac.ca.
About Peerless Limited
Founded in 1944, Peerless is a highly specialized trailer and chassis designer and manufacturer for a variety of industries including oil and gas, mining, forestry, logging and construction. Peerless’s innovative and high quality products are key factors explaining how Peerless has risen to the rank of premier manufacturer of custom chassis and oilfield trailers. Peerless offers products under two well-recognized brands in the heavy haul and custom chassis market: Peerless in Western Canada and Scona in the United States. The Peerless production facility is located in Penticton, British Columbia, and has been part of the McCoy Corporation (TSX: MCB) since 2004. In addition to its Canadian manufacturing plant, Peerless uses contracted manufacturing facilities in the Southern U.S.
Forward looking statements
This document may contain forward-looking statements that reflect management’s current expectations regarding future events. Forward-looking statements are based on a number of factors and include risks and uncertainties. Actual results may differ from forecast results. Management assumes no obligation beyond what is required under the law to update or revise forward-looking statements pursuant to new information or future events. In particular, no assurance can be given as to the benefits that Manac will derive from the acquisition of Peerless.
SOURCE Manac Inc.
CONTACT: Charles Dutil
President & CEO
Telephone: (418) 228-2018
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