Manac acquires specialty trailer manufacturer Peerless Limited
Manac Inc. has announced the acquisition of all of the issued and outstanding shares of Peerless Limited ("Peerless") for $14.75 million in cash, subject to certain net working capital adjustments.
Established in Penticton, British Columbia, Peerless is a designer and manufacturer of highly specialized trailers and chassis for a variety of industries, including oil and gas, mining, forestry, logging and construction. Peerless had been operating the Mobile Solution division of McCoy Corporation (TSX: MCB) since 2004.
"This completes a good first step in Manac's targeted progress and growth. The reputation of the Peerless brand, its product line, the quality of the work force and its geographic location fit very well with our vision and our values. We will now start the implementation of a well-defined Operating Agenda and capitalize on all of the identified synergies; and this starts right now." says Charles Dutil, President and Chief Executive Officer of Manac. "Not only will we provide strong support to the local leadership team, but Peerless will also profit from Manac's core strengths, including gaining access to Manac's know-how and resources which are considered key assets to our success in the trailer industry." added Charles Dutil.