Canadian private equity firm Lynx Equity has acquired Safe-Tech Training Inc, a Bolton, Ontario-based industrial safety specialist, providing training and certification programs at more than 1,000 client locations in Ontario and elsewhere across North America. No financial terms were disclosed. The company’s sellers, CEO Dan Duckoff, who founded Safe-Tech in 1989, and COO Kathy Dukoff, will remain for up to three years to support the transition to new ownership. Safe-Tech is Lynx’s fourth deal to date in 2018. Other recent acquisitions include Blind Bay Village Grocers, a Blind Bay, British Columbia-based retail destination.
Lynx Equity Limited is pleased to announce the acquisition of Ontario’s Safe-Tech Training Inc., a leader in industrial safety since 1989
Toronto, ON– Lynx Equity Limited is pleased to announce the acquisition of Ontario’s Safe-Tech Training Inc., a leader in industrial safety since 1989. As the training partner of Ontario’s Workplace Safety and Prevention Services, Safe-Tech is the sole recommended provider for Fall Protection and Working at Height Training as well as multiple other industrial/construction equipment related programs. Safe-Tech proved an immediately appealing opportunity due to its strong and consistent revenue profile, its potential for cooperation with other Lynx portfolio companies, and potential for growth due to increased safety regulations in Ontario.
“As a result of recent legislation that has negatively impacted the local business environment, we haven’t acquired a business in Ontario in recent years,” noted Brad Nathan, Lynx’s President. “The strength of Safe-Tech’s business profile allowed us to overlook those risks and get excited about an opportunity in Ontario again. We look forward to much shared success with Dan and Kathy and their team.”
Sellers Dan and Kathy Dukoff will remain with Safe-Tech for a minimum of three years, ensuring a smooth transition to new ownership. This transition approach will provide Safe-Tech’s valued customers with the assurance that they will continue to receive best in class service; customer confidence and satisfaction being a priority of Safe-Tech and Lynx Equity alike.
“Over the past several years we looked at various scenarios for succession planning and we feel we found the exact right fit with Lynx,” commented Kathy and Dan Dukoff. “In addition to a gradual transition out of the business for us as owners, it was equally important to ensure future job security for our employees and preserve the culture and industry reputation we worked hard to develop over nearly 30 years in business. Safe-Tech is thrilled to be part of the Lynx family and we look forward to a mutually beneficial relationship.”
This transaction is Lynx’s fourth acquisition of 2018. Recent additions to the portfolio include California’s Flooring Solutions, acquired in April, as well as British Columbia’s Blind Bay Village Grocers and UK’s Day 2 Interiors, both of which were acquired in May. Lynx continues to pursue acquisition opportunities in North America and Europe.
Buy-side legal and accounting due diligence was performed by Minden Gross and Deloitte, respectively.
About Safe-Tech Training Inc.
Since 1989, Safe Tech Training Inc. has been a leader in industrial safety, providing training and certification programs at over 1000 client locations throughout Ontario and North America. Safe-Tech’s certification programs include: Lift Truck, Powered Pallet Truck, Walkie Stacker, Overhead Crane, 0-8 Ton Mobile Crane, Rigging, Elevated Work Platform, Fall Arrest, Loader/Skid Steer, Ladder Safety, Manual Material Handling, Pedestrian, WHMIS, TDG, Lockout/Tag-Out.
For further information on Safe Tech Training please visit www.safetechtraining.com
About Lynx Equity Limited
With sales in excess of $400M CAD Lynx Equity Limited is a Toronto-based diversified private equity firm focused on acquiring small and medium-sized businesses from owners looking to retire. Lynx targets acquisitions of companies with EBITDA between $750K and $2M USD and utilizes a buy and hold strategy.
For further information on Lynx Equity, please visit www.lynxequity.com
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