Canadian investment holding firm TerraVest Capital has acquired NWP Industries Inc, a manufacturer of oil and gas processing equipment for customers in Western Canada. The financial terms of the transaction were not published. TerraVest said that the acquisition will be immediately accretive to cash available for distribution by about 10 percent and that future operating efficiencies are likely to accrue. Founded in 1962, NWP Industries is based in Innisfail, Alberta.
TerraVest Capital Inc. Completes Acquisition of NWP Industries Inc.
VEGREVILLE, AB and TORONTO, Aug. 8, 2014 /CNW/ – TerraVest Capital Inc. (TSX:TVK) announced today the successful completion of its acquisition of substantially all of the assets of NWP Industries Inc., an Innisfail, Alberta based company primarily focused on manufacturing high quality oil & gas processing equipment for customers in Western Canada. Management believes the acquisition will be immediately accretive to cash available for distribution by approximately 10%. In addition, management anticipates material operating efficiencies to accrue over the next 12 to 18 months. The acquisition was first announced on August 5, 2014.
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or TerraVest future performance, constitute “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Forward-looking statements are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. TerraVest cautions that such forward-looking statements involve known and unknown contingencies, uncertainties and other risks that may cause TerraVest’s actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation: TerraVest’s ability to integrate NWP’s business into its operations; impact of general economic conditions; its dependence on key customers; cyclical trends in TerraVest’s customers’ industries; sufficient availability of raw materials at economical costs; weather conditions, production and sales; TerraVest’s ability to develop new customers; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage caused by it and non-compliance with environmental laws and regulations; potential product liability and warranty claims and equipment malfunction. This list is not exhaustive of the factors that may affect any of TerraVest’s forward-looking statements.
Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to TerraVest or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, TerraVest disclaims any intent or obligation to update publicly these forward-looking statements except as required by applicable laws.
SOURCE TerraVest Capital Inc.
For further information:
Mitchell Gilbert, Chief Investment Officer, TerraVest Capital Inc. at 416.364.0064, Paul Casey, Chief Financial Officer, TerraVest Capital Inc. at 780.632.2040 or Charles Pellerin, Executive Chairman of TerraVest Capital Inc. at 819.758.3161.
Photo courtesy of NWP Industries Inc