CALGARY, Oct 4 /CNW/ - TIM-BR MARTS Ltd., one of Canada's largest buying
groups for Independent lumber, building material and hardware Dealers,
today announced they have entered into an agreement to acquire CanWel
Hardware from CanWel Building Materials Group Ltd.
The deal includes two hardware distribution operations in Victoriaville,
QB and London, ON plus two Chalifour building material warehouses in
Quebec. It also provides TIM-BR MARTS Ltd. ownership of the 'PRO' name
plus licensing rights to the 'ACE' brand name in Canada. Financing for
the transaction will be provided by HSBC.
"This is a turning point for our Company," said Tim Urquhart, President
and CEO of TIM-BR MARTS Ltd. "With this acquisition we will further
empower our network of strong independent TIM-BR MART Dealers. They are
the leading purchasers of building materials in Canada and now they will
be the leaders in hardware as well."
Urquhart noted that the Company plans to welcome all current CanWel
Hardware customers, emphasizing the acquisition will not disrupt supply
from the four warehouses. "It is business as usual—actually, we aim to
be better than usual," he commented.
In business since 1967, TIM-BR MART represents more than 700 Dealer
locations across Canada, over $2 billion in annual purchases. TIM-BR
MART's focus is to be the buying group of choice for independent
retailers, commercial Dealers and manufacturers in Canada by combining
their volume and purchasing at the lowest cost, understanding the needs
of their Dealers, and offering a menu of value-added services. To learn
more about TIM-BR MART, visit www.timbrmart.ca.
SOURCE TIM-BR MART
For further information: For further information:
905-671-2424 / 416-457-0587