Wajax Corporation today announced that it has acquired all of the issued and outstanding shares of Calgary, Alta.-based NorthPoint Technical Services ULC.
Paul Crawford, Chief Executive Officer of NorthPoint, stated,
“Partnering with Wajax provides our team with a significant opportunity to grow our volume nationally, leveraging Wajax’s extensive sales, marketing and customer relationships,” says Paul Crawford, Chief Executive Officer of NorthPoint. “Combining with Wajax offers customers a national partner for all their ERS needs and sets us apart in the marketplace.”
The shares were acquired from an affiliate of Denver, Col.-based Lion Equity Partners for an aggregate purchase price of $18 million.
“We are extremely pleased to welcome NorthPoint and its team of dedicated professionals to Wajax,” says Mark Foote, president and CEO of Wajax. “The addition of NorthPoint gives our ERS platform strengthened national coverage, complementing the expanded footprint we acquired with Groupe Delom in 2018 and allowing us to better serve our customers.
“We continue to view ERS as a critical part of our growth strategy as it is expected to enhance our EBITDA margins, requires a lower total working capital investment when compared to our distribution businesses and further enhances our overall value proposition to new and existing customers.”
NorthPoint was formed in 2018 as a national electro-mechanical services provider and serves a broad range of resource and industrial customers. Specializing in the repair of rotating industrial equipment, including motors, generators, gearboxes, switchgear, transformers, pumps, fans and turbines, NorthPoint operates nine branches across Canada and employs approximately 177 people.
NorthPoint’s branches are located in Grand Prairie and Calgary, Alta.; Regina, Sask.; Winnipeg, Man.; Kirkland Lake, Sudbury and Sarnia, Ont.; Moncton, N.B.; and St. John’s, N.L.
