WesternOne Inc. has sold a significant portion of the assets of its subsidiary Britco, including its modular space rental business known as Britco Rentals, and its majority equity interest in Britco’s modular building manufacturing operations in the United States for about $45.1 million in cash.
The assets of Britco Rentals were sold to a subsidiary of Black Diamond Group Limited, with final proceeds subject to customary post-closing working capital adjustments. Britco Rentals operates one of the largest modular space rental fleet in British Columbia, consisting of office complexes, construction site offices, diverse special use buildings and storage containers.
WesternOne said it sold Britco to concentrate on its equipment rental and sales operations.
“The transactions allow WesternOne to be strategically focused on operating and growing its WesternOne Infrastructure Services division, which offers high quality aerial and construction heat services to key markets in Western Canada,” said Peter Blake, CEO of WesternOne. “The proceeds from the transactions will provide additional financial flexibility for WesternOne with respect to debt reduction, working capital management and capital investments for the WIS division.”
WesternOne Rentals & Sales, based in Vancouver, B.C., Canada, is No. 45 on the RER 100.