Canada’s CanWel Acquires Vickers Island Truss
Originally published by: GlobeNewswire — November 9, 2020
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CanWel Building Materials Group Ltd. (“CanWel” or “the Company”) (TSX:CWX; CWX.NT.A) today announced that through its Honsador Group of Companies (together with all subsidiary, affiliate or nominee entities, "CanWel") has acquired the truss design and manufacturing plant and related equipment and business, formerly owned by Vickers Island Truss, Ltd. (“Island Truss”) (the "Acquisition").
Since 1995, privately owned Island Truss has been providing the entire island of Kauai with a great assortment of truss designs and products. Island Truss is Kauai's only on-island truss manufacturing plant and has built a reputation for excellence, servicing the requirements of many of Kauai's finest hotels, resorts, homes and schools.
The purchase price of the Acquisition will be satisfied from CanWel’s existing credit facilities, and the Acquisition is expected to be accretive from closing.
“Island Truss is a very reputable and well-respected brand on Kauai and in surrounding markets and we are very pleased to be able to further solidify and expand our presence in the Hawaiian market with this acquisition,” said Amar Doman, Chairman and CEO of CanWel. “We welcome our new employees at Island Truss, and thank David Vickers for building such a strong business over the years. We are very proud to have this great company in the CanWel family and excited to have David as part of our team as he heads up our Honsador truss division, bringing his excellence and experience to our truss operations at Honolulu and Hilo.”