C&V Portable Accommodations Ltd has sold the assets of its custom manufacturing division to an affiliate of Horizon North Logistics Inc (TSX: HNL), a Calgary-based provider of industrial services and modular construction solutions.
Terms weren’t disclosed.
C&V, a Calgary-based supplier of portable accommodations to the energy and infrastructure sectors, was acquired in 2012 by Signal Hill Equity Partners, a Canadian mid-market private equity firm.
Signal Hill Managing Partner James Johnson, who is also C&V’s chairman, said the unit sale will strengthen the company’s balance sheet and support its growth in Western Canada.
C&V Announces Sale of Custom Manufacturing Division to Horizon North
November 1, 2018 (Calgary, AB) – C&V Portable Accommodations Ltd. (“C&V”) announced that it has completed the sale of assets related to its Custom Manufacturing division to Horizon North Modular Manufacturing Inc., a subsidiary of Horizon North Logistics Inc. (“Horizon North”). Horizon North is a Calgary, Alberta based publicly listed corporation (TSX: HNL), providing a range of industrial services and modular construction solutions.
“The Custom Manufacturing division was outside of C&V’s core business of being a leading provider of portable accommodations for the energy and infrastructure sectors. Proceeds received from the transaction strengthen C&V’s balance sheet and will support the company’s growth plan in Western Canada,” said James C. Johnson, Chairman of C&V.
Established in 1977, C&V has grown to become one of Alberta’s leaders in the wellsite accommodations industry, supplying a variety of portable accommodations, remote offices and dedicated geology/engineering labs. C&V has a broad customer base of exploration and production companies, and has distinguished itself as a provider of choice over its 35-year operating history. C&V has a long track record of innovation in the industry, and services some of the largest oil and gas companies in Canada by renting units from its fleet. With its head office located in Calgary, C&V is able to service its customers across Western Canada. For more information, please visit www.cvportable.com.
For further information on the transaction, please contact: