Canadian private equity firm Ironbridge Equity Partners recently agreed to purchase all of the assets of Advance Engineered Products Ltd, a designer and manufacturer of tank truck and trailer equipment. The source of the news was an August website post by Krohnert Industries Inc, a distribution partner to the company. No financial terms were noted. Ironbridge also agreed to acquire the shares of Dumur Industries, an Advance affiliate, the post said. Regina, Saskatchewan-based Advance, founded in 1984, was granted protection under the Companies’ Creditors Arrangement Act (CCAA) in April.
WEBSITE POST (reproduced courtesy of Krohnert Industries Inc)
Update on Advance Engineered Products
ADVANCE ENGINEERED PRODUCTS ANNOUNCEMENT!
We are pleased to announce that Ironbridge Equity Partners has agreed to purchase all of the assets of Advance Engineered Products Ltd. as well as the shares of Dumur Industries.
Ironbridge is a Canadian private equity firm funded by leading Canadian, US and European institutions and with investments in high-quality, mid-market, Canadian private companies. Ironbridge will be maintaining the existing infrastructure of plants and service locations.
We are pleased with the result of the sale process and what it means for our future.
Ironbridge brings financial stability and expertise to help us serve you better.
Advance will continue to manufacture best in class tanks, tank trailers and vacuum systems under the Advance, Lazer Inox, and Westech brands.
Our Advance Tank service centers will continue to offer exceptional service at a fair price.
We will honor all warranties and continue to deliver the high quality products and services that we are known for.
We also want to take this opportunity to acknowledge and apologize for the impact this disruption has had, and would like to thank our customers and vendors for their continued loyalty through this sales process. Going forward, Advance will honor that loyalty with strong and sustained business relationships. We have emerged through this process a stronger and more vibrant organization, better able to meet our customers’ needs.
Thank you for your business. If you have any questions or concerns, please contact any of the staff Krohnert Industries Inc. at 416-948-6121 or firstname.lastname@example.org
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