VANCOUVER, March 28, 2013 /CNW/ - Wilkinson announced today that it has
reached an agreement to sell its assets to Samuel, Son & Co., Limited. The transaction is expected to close late next month following
Wilkinson is a steel and metal service center business that is aligned
to the natural resource based economies of the three Western provinces,
dealing directly with the forestry, mining, and shipbuilding industries
in British Columbia, oil, gas, and mining in Alberta, and agriculture,
mining, and oil & gas in Saskatchewan. Wilkinson offers a full range of
products, processing services and delivery capabilities to companies
directly engaged in the natural resource industries. Wilkinson is
currently owned by the international private equity group Nova Capital.
Nova Capital acquired the business in 2011 as part of a portfolio of
five industrial businesses previously owned by Amalgamated Metal
Bill Hughes, President of Wilkinson stated that "the acquisition by
Samuel provides an excellent strategic and geographic fit that will
best serve the interests of Wilkinson's existing customers, suppliers
and employees, generating new opportunities and profitable growth."
Samuel and Wilkinson maintain complimentary product lines with minimal
customer and product overlap which management believes will provide a
well-suited long term strategic home for Wilkinson after many years of
ownership by financial investors.
Wayne K. Bassett, President and CEO of Samuel commented on the deal
saying, "Wilkinson has been one of the key service centers in Western
Canada for over 100 years. We are extremely pleased to be acquiring a
Company with an excellent product offering that is mainly complimentary
to Samuel's product line. The acquisition also adds bars and
structurals to Samuel's current product offering. We are also pleased
to be adding a strong team of employees to our Western Canadian Service
Samuel is the 5th largest processor and distributor of carbon steel, stainless steel, and
aluminum in North America and has over 100 strategically located steel
service centers and manufacturing facilities.
SOURCE: Wilkinson Steel and Metals Inc.