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Wajax has entered into a definitive agreement to acquire all of the issued and outstanding shares of Calgary, Alberta-based Tundra Process Solutions in a cash and shares deal worth C$99.1 million ($78.2 million). The transaction is expected to close early in the March quarter and is subject to customary closing conditions, Wajax said. Founded in 1999, Tundra provides maintenance and technical services to customers in the western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. It also distributes a diverse range of industrial process equipment, representing manufacturers of valves and actuators, instrumentation and controls, motors and drives, control buildings, boilers and water treatment solutions. Employing around 150 people, Tundra operates four facilities in Alberta: Calgary, Edmonton (two locations) and Grande Prairie. Tundra also maintains a local sales presence in Fort McMurray and Red Deer, Alberta; Vancouver and Fort St. John, British Columbia; and southern Saskatchewan. Wajax said the acquisition of Tundra was expected to provide meaningful growth in the corporation’s Engineered Repair Services (ERS) and industrial parts categories, with its operations complementary to Wajax’s existing ERS and industrial parts businesses. For the 12 months ended November 30, 2020, Tundra had revenues of about C$147.8 […]
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