TORONTO, Feb. 18 /CNW/ - IBI Income Fund (The "Fund") (TSX:IBG.UN) announced today the closing of the acquisition of MAAK Technologies Group Inc. ("MAAK").
For the past 12 years, MAAK has provided a complete range of engineering services and automation systems including process, mechanical, civil, electrical, instrumentation, automation, SCADA systems, data management, optimization and modelling. The clients are from industrial and pharmaceutical industries as well as municipal and other government agencies. MAAK is based in Richmond Hill, Ontario and also has an office in Trinidad. The practice is led by Alnoor Allidina, together with the senior and other professional staff, and the total complement is currently 24 people.
Phil Beinhaker, Chairman Director and CEO of the IBI Group of firms, noted that "Alnoor Allidina and his two senior colleagues, Marius Caprariu and Gabriel Pavel, together with their staff have established a strong reputation for creative and reliable work in engineering and systems design/development in a wide range of engineering applications including notably the field of Water. These three leaders of the practice have committed to continue in their roles of management and direction of the work to achieve the integration of the MAAK practice within IBI Group in Toronto and Trinidad. MAAK will become a key component of the international systems practice that IBI, under the leadership of Scott Stewart - Managing Director, Transportation and Systems has built on a world platform. IBI will also provide additional strength to enable MAAK to take on broader and larger assignments as well as add to the scope of services."
The consideration for the business arrangements of this acquisition is in the form of IBI units and cash for the value agreed for the goodwill and working capital. A total of 66,275 IBI units may be issued on closing, with additional units to be issued on the first and second anniversaries of closing, estimated to be exchangeable for up to 33,318 IBI units on each of the first and second anniversaries, subject to adjustment.
Alnoor Allidina, Managing Principal of MAAK, stated that "This integration of MAAK within the IBI Group provides for continuity and strengthening of the practice that I, together with my two colleagues, Marius and Gabriel, have built with our clients. The integration will provide for the continued growth of leading edge technology in systems and automation. We all three have signed agreements to continue along with our diligent and hard working staff. We have been encouraged by the outstanding reaction of our clients in supporting us in this move, our having assured them that we are continuing, now strengthened with the depth of engineering and systems resources within IBI Group, as well as the diversity of additional services that IBI offers."
About IBI Fund
The Fund is a TSX listed Income Trust, which pays monthly distributions and trades under the symbol "IBG.UN". The Fund holds an indirect 71.7% in the IBI Group, a Partnership which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 28.3% of the IBI Group is owned by IBI Group Management Partnership and IBI Group Investment Partnership, which together with their share in the indirect interest of the Fund holds a combined 46.3% interest.
SOURCE IBI Group Inc.
For further information: For further information: Philip H. Beinhaker, IBI Income Fund, 230 Richmond Street West, Toronto, Ontario, M5V 1V6, Telephone: (416) 596-1930