Gestion Jerico Inc., a majority-owned portfolio company of Clarke Inc., has acquired 90% of Pro-Par Group, a Sherbrooke, Québec-based maker of storage tanks, dispensers and transport units for the Canadian propane industry. Financial terms weren’t announced. Pro-Par’s management will continue to own the remaining 10% of the company. The Halifax, Nova Scotia-based Clarke is an investor in private and public businesses.
Clarke Inc. Announces Tank Manufacturer Acquisition
HALIFAX, Aug. 12, 2013 /CNW/ – Clarke Inc. (“Clarke”) (TSX: CKI CKI.DB.A) is pleased to announce that, through Gestion Jerico Inc., its 75%-owned commercial tank and home heating business, it has acquired 90% of Pro-Par Group (“Pro-Par”), a Sherbrooke, Quebec based company with operations in Quebec and Ontario with over 80 employees. Pro-Par is an established and recognized leader in the manufacturing of storage tanks, dispensers and transport units for the Canadian propane industry. Pro-Par’s management will continue to own the remaining 10% of the company.
Pierre Fournier, President and Chief Operating Officer of Gestion Jerico Inc., commented “This strategic acquisition expands our product offering into propane storage tanks. Following up on our successful acquisition of Gil-Fab International Inc., a manufacturer of custom tanks and pressure vessels, in 2011, we are excited to further diversify and grow our tanks business”.
Halifax-based Clarke invests in a variety of private and publicly-traded businesses and participates actively where necessary to enhance performance and increase return. Clarke’s securities trade on the Toronto Stock Exchange (CKI; CKI.DB.A); for more information about Clarke, please visit our website at www.clarkeinc.com.
This press release may contain or refer to certain forward-looking statements relating, but not limited to, Clarke’s expectations, intentions, plans and beliefs with respect to Clarke. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “does not expect”, “is expected”, “budget”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or equivalents or variations, including negative variations, of such words and phrases, or state that certain actions, events or results, “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. These forward-looking statements include, but are not limited to, statements regarding the trading price of the Company’s securities not fully reflecting the value of the Company’s business.
Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Clarke to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Risks and uncertainties include, among others, the Company’s investment strategy, legal and regulatory risks, general market risk, potential lack of diversification in the Company’s investments, and interest rates and foreign currency fluctuations. Although Clarke has attempted to identify important factors that could cause actual actions, events or results or cause actions, events or results not to be estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, Clarke does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE CLARKE INC.
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