Business
Horizon North Logistics Inc. Announces Strategic Acquisition of Empire Camp Equipment Ltd.
Horizon North Logistics Inc. Announces Strategic Acquisition of Empire Camp Equipment Ltd....
About this update from Dexterra Group, Inc.
[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Announces Strategic Acquisition of Empire Camp Equipment Ltd.\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nHorizon North Logistics Inc. Announces Strategic Acquisition of Empire Camp Equipment Ltd.\nCanada NewsWire\nCALGARY, July 21, 2016\n\n\n\nCALGARY, July 21, 2016 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX – HNL) announced today that it has entered into a Binding Letter of Intent with respect to the acquisition of Empire Camp Equipment Ltd. (\"Empire\").  \n\nHorizon North and Empire have agreed to a purchase price of approximately $44.5 million, payable through a combination of cash and newly issued Horizon North common shares.  The Binding Letter of Intent is subject to certain conditions including the results of formal due diligence and the receipt of all necessary and required consents including from the TSX and the Corporation's lending syndicate.  The transaction is scheduled to close in late August 2016. \n\n\"The strategic acquisition of Empire will help to diversify Horizon North's geographical footprint by gaining exposure to non-energy based projects as well as additional traction in our traditional markets.  Empire's high quality, recently manufactured assets will be a great fit with Horizon North's existing fleet profile and allow us to gain additional operational efficiencies and economies of scale.\" commented Rod Graham, President and Chief Executive Officer of Horizon North.\n\nMr. Graham continued, \"Through our ongoing process of transformational change, Horizon North has focused on building a solid corporate platform able to support additional operating capacity without significantly increasing management or administration resources.  With this transaction, Horizon North continues to demonstrate leadership in response to both the continued challenging commodity price environment and the demands of our customers.  The strength of our balance sheet allows for us to take advantage of strate...