Place-Crete Systems LP has bought Associated Asbestos Abatement Ltd, a Regina, Saskatchewan specialist in the removal of asbestos, mould and related substances. No financial terms were released. Place-Crete, a provider of a range of construction materials and services across Western Canada, will gain additional exposure to the Saskatchewan market with the deal. St. Albert, Alberta-based Place-Crete is a portfolio investment of Canadian private equity firm Mosaic Capital Corp. Mosaic acquired a 75 percent interest in the company for $18 million in September 2014.
Place-Crete Systems LP Completed Acquisition of Associated Asbestos Abatement Ltd.
CALGARY, Jan. 11, 2017 /CNW/ – Mosaic Capital Corporation (“Mosaic”) (TSX-V Symbols: M, M.PR.A and M.DB) is pleased to announce that Place-Crete Systems LP (“Place-Crete”), a 75% subsidiary of Mosaic, has successfully completed the acquisition of the business being carried on by Associated Asbestos Abatement Ltd. Based in Saskatchewan, Associated Asbestos Abatement Ltd. is involved in the remediation of asbestos, mold and other related substances in Regina and surrounding areas. Associated Asbestos Abatement Ltd. will provide Place-Crete with additional exposure in the growing Saskatchewan market. The acquisition, funded by way of cash and a vendor note, was below Mosaic’s usual valuation range.
Place-Crete supplies, applies and finishes a variety of cement based toppings in the residential and commercial construction markets and provides waterproofing solutions to the civil infrastructure market. Products include gypsum floor underlayments used mainly in residential and commercial construction and waterproofing membranes which are applied to bridges, bridge approaches, plaza decks and parkades in both the new and restoration construction.
Troy Pearce, Chief Operating Officer of Mosaic, commented “We are always looking for opportunities to acquire smaller existing businesses that fit the Mosaic portfolio. Associated Asbestos Abatement Ltd.’s solid market niche and marketing team will fit well with Place Crete’s strong business model.”
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of established businesses which span a diverse range of industries and geographies. Mosaic’s strategy is to create long-term value for its shareholders through accretive acquisitions, long-term portfolio ownership, sustained cash flows and organic portfolio growth. Mosaic achieves its objectives by maintaining financial discipline, acquiring businesses at attractive valuations, performing extensive acquisition due diligence, utilizing optimal transaction structuring and working closely with subsidiary businesses after acquisition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Financial Officer
Mosaic Capital Corporation
400, 2424 – 4
th Street SW
Calgary, AB T2S 2T4
T: (403) 270-4663
Photo courtesy of Place-Crete Systems LP