Westcap Announces New Investment in Timber-Tech Truss Limited Partnership
SASKATOON, SK, Jan. 24, 2024 /CNW/ - Westcap Mgt. Ltd. ("Westcap") is pleased to announce an investment in Timber-Tech Truss Limited Partnership ("Timber-Tech" or the "Company") completed by Westcap MBO III Investment LP ("MBO III"), which is Westcap's third buyout fund focused on succession and growth opportunities in Western Canada.
Timber-Tech is a leading provider of engineered truss systems and engineered wood products, servicing customers throughout Western Canada. Founded in 1980 in Lethbridge, Alberta, the company has four decades of experience and has grown to operate three manufacturing facilities which are located in Lethbridge, Calgary and Medicine Hat. With 52,000 square feet of combined manufacturing space and an employee base of 100, Timber-Tech has the capacity to produce over 44,000 board feet per day. The Company's ability to meet quality product demand in a timely manner through all cycles has earned Timber-Tech a long-standing reputation of credibility and reliability with the top builders across Western Canada. "Our investment in Timber-Tech meets all the qualities we look for in a Western-based manufacturing company that has had a reputation of quality and reliability for multiple decades with a leadership team that sees the growth opportunities," says Grant J. Kook, President and CEO of Westcap.
Timber-Tech has a wide range of customers across a large geographical region with a focus on servicing large, tract home builders in the Calgary region that require standard roof and floor trusses as well as engineered wood products. The Company's products from the Medicine Hat and Lethbridge facilities are sold through a vast dealer network ranging from Southeastern British Columbia to Southwestern Saskatchewan.
Between 2020 and 2023 alone, Timber-Tech increased board foot production by 26% despite industry supply chain challenges and volatile commodity pricing by focusing on strategic growth in the Calgary region including the acquisition of a new facility in Calgary in 2018. Alberta's economy is positioned to remain a leader across the nation in gross domestic product (GDP) over the next two years with robust growth due to strong commodity prices and relative cost of living affordability. This will continue the trend of interprovincial and international migration into the region and drive demand for new housing and commercial buildings. Ms. Wendy Murphy, Chief Executive Officer of Timber-Tech indicates, "The growth opportunities in front of Timber-Tech resulted in seeking out a strong financial partner that we found with Westcap Mgt. Ltd. Their years of experience in the truss and home building supply market in Saskatchewan makes them an excellent strategic partner. We could not be more pleased for this new partnership."
Founded over 25 years ago, Westcap is a leading private equity and venture capital fund manager with over $1 billion in assets under management. Westcap has an uncompromising vision to build long-term value for investors by supporting visionary management teams in their growth and succession strategies. Our vast network of strategic partners and long history of success across Western Canada is grounded by our strong culture and integrity.
Learn more at westcapmgt.ca
Founded in 1980, Timber-Tech is a leading provider of engineered truss systems and engineered wood products, servicing customers throughout Western Canada. The company has a long-standing reputation of credibility and reliability and has grown to operate three manufacturing facilities, located in Lethbridge, Calgary and Medicine Hat, with 52,000 square feet of combined manufacturing space.
Learn more at timbertechtruss.ca
SOURCE Westcap Management Ltd.
Grant J. Kook, President/CEO, Westcap Mgt. Ltd., Tel: (306) 652-5557; Wendy Murphy, CEO, Timber-Tech Truss Limited Partnership, Tel: (403) 601-4546
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