Horizon North Logistics Inc. Announces Agreement for Strategic Acquisition of NRB Inc. (Canada)

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[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Announces Agreement for Strategic Acquisition of NRB Inc. (Canada)\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 12, 2019\n\n\n\nCALGARY, March 12, 2019 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HNL.TO) announced today that the Corporation has entered into a binding purchase and sale agreement (the \"Binding Purchase Agreement\") with respect to the acquisition of NRB Inc. (Canada) (\"NRB Canada\"), a full-service modular construction provider based in Grimsby, Ontario.\n\n \n \n\n \nPursuant to the Binding Purchase Agreement, Horizon North has agreed to purchase (the \"Purchase\") all of the outstanding shares of NRB Canada for $16.5 million, payable in a mix of common shares of Horizon North (\"Horizon Shares\") and cash. The Binding Purchase Agreement is subject to certain conditions, including the receipt of all necessary and required consents, including those from the Toronto Stock Exchange. The transaction is scheduled to close in early April 2019.\n\"The integration of these two companies means the unification of products and expertise that lead the way in Canada's modular construction industry,\" says Rod Graham, President and Chief Executive Officer of Horizon North. \"With this new base in Southern Ontario, Horizon North is leveraging the stability of our balance sheet to take the next step in our pan-Canadian growth strategy. Like our other locations in Kamloops, Aldergrove and Calgary, the NRB Canada manufacturing facility is strategically located near major transportation routes and a diverse labour pool, meaning we are now well-situated to provide our turn-key modular solutions across the country. Equal in importance to the growth in the territories we serve is the expansion in product portfolio that will be realized through this integration.\"\n\"Horizon North's expertise in wood-frame modular structures will expand to eastern Canada, providing solutions for affordable social, student, senior and First Nations housing, in addition to hotels,...

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