WesternOne Inc. has completed the purchase of the assets of Enerbuilt Technologies, an Alberta-based company that rents flameless heaters and provides related services to the oil and gas market in Northern Alberta. The purchase price was $20 million, with $14 million in cash and the balance in common shares from the treasury of WesternOne at $7.74 per common share. The acquisition is subject to post-closing adjustments related to capital expenditures, disposals and working capital.
Enerbuilt operates from two facilities in Nisku, Alberta, and Fort McMurray, Alberta.
"We are very pleased to be welcoming Enerbuilt into the WesternOne family," said Peter Blake, WesternOne's CEO. "Enerbuilt has grown by focusing on similar values to those of WesternOne, including a passion for delivering innovative expertise and uncompromising levels of customer service. With Enerbuilt joining WesternOne's infrastructure services platform, we extend our ability and capacity to serve new and existing customers with expanded service and product offerings, and to us that is tremendously exciting."
Based in Vancouver, B.C., Canada, WesternOne Rentals & Sales, is No. 44 on the RER 100.