Mosaic Capital Corporation has made a follow-on investment of $2.2 million in Remote Waste LP to acquire the 25 percent of the company it does not already own. Alberta-based Remote Waste is a provider of a variety of wastewater treatment and other environmental services.
Mosaic Capital Corporation Acquires Remaining 25% of Remote Waste LP to Wholly-Own the Company
Calgary, Alberta CANADA, December 20, 2013 /FSC/ – Mosaic Capital Corporation (M – TSX Venture, M.PR.A – TSX Venture), (“Mosaic”), is pleased to announce that it has acquired the remaining 25% of Remote Waste LP (“Remote”) for an acquisition cost of $2.2 million. Mosaic now owns 100% of Remote. This acquisition follows the settlement of litigation between Mosaic and the former owner of Remote. With the closing of this acquisition Mosaic will realize 100% of the income from Remote for the 2013 calendar year. This income adjustment will be reflected in Mosaic’s 4th Quarter financials.
“We are very pleased to announce our additional investment into Remote to own 100% of the company,” commented John Mackay, Executive Chairman and CEO. Mr. Mackay added, “We originally acquired our 75% ownership in Remote for approximately $7.4 million in 2008 and since Remote’s first fiscal year under Mosaic’s ownership management has grown the EBITDA by approximately 150%. Remote has a strong management team that continues to expand the company geographically as well as adding new services to its existing offerings. We believe with the continued oil and gas exploration in northern Alberta and British Columbia Remote will have the ability to continue to grow and expand. This acquisition further continues our strategy to diligently deploy capital for the long term benefit of our shareholders.”
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses with competitive advantages that have a history of generating cash flow from their operations. Mosaic’s objective is to create long term value for our shareholders and business partners and to have that reflected in our share price. We believe that this is achieved by growing free cash flow per share and retained earnings. We do this by acquiring businesses that we understand at attractive prices and we manage our risk through extensive due diligence, creative transaction structuring and working closely with our businesses after acquisition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mosaic Capital Corporation
400, 2424 – 4th Street SW
Calgary, AB T2S 2T4
Tel: (403) 270-4658
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