Manac, the largest manufacturer of trailers in Canada, has acquired fellow Canadian company Peerless Limited for $14.75 million in cash, subject to certain net working capital adjustments.
Established in Penticton, British Columbia, Peerless is specialised in the design and manufacture of highly specialised trailers and chassis for a variety of industries, including oil and gas, mining, forestry, logging and construction. In addition to its Canadian manufacturing plant, Peerless uses contracted manufacturing facilities in the Southern U.S.
“This completes a good first step in Manac's targeted progress and growth. The reputation of the Peerless brand, its product line, the quality of the work force and its geographic location fit very well with our vision and our values,” Charles Dutil, President and Chief Executive Officer of Manac, said in a statement.
“We will now start the implementation of a well-defined Operating Agenda and capitalise on all of the identified synergies; and this starts right now.
“Not only will we provide strong support to the local leadership team, but Peerless will also profit from Manac's core strengths, including gaining access to Manac's know-how and resources which are considered key assets to our success in the trailer industry,” he added.