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Mosaic Capital Corporation Completes Acquisition of Industrial Scaffold Services
Mosaic Capital Corporation Completes Acquisition of Industrial Scaffold Services Calgary, Al...
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[{"type":"text","content":"Mosaic Capital Corporation Completes Acquisition of Industrial Scaffold ServicesMosaic Capital Corporation Completes Acquisition of Industrial Scaffold Services\nCalgary, Alberta CANADA, September 03, 2013 /FSC/ - Mosaic Capital Corporation  (M - TSX Venture, M.PR.A - TSX Venture), (\"Mosaic\"), is pleased to announce the successful completion of its previously announced acquisition of a majority interest in the business being carried on by Industrial Scaffold Services Limited (\"Industrial Scaffold\").  \nIndustrial Scaffold is a leading provider of worksite surface and access scaffolding solutions to industrial and commercial customers in the energy & utilities, pulp & paper, mining and marine sectors in western Canada. Industrial Scaffold is based in Crofton, B.C. and has offices in Fort St. John, Kitimat and Victoria.  For its most recently completed fiscal year ended July 31, 2013 Industrial Scaffold's revenue was approximately $17 million.  The closing of the acquisition resulted in Mosaic becoming the owner of 67.5% of the business with members of management owning the remaining 32.5%. Mosaic's cost of acquisition was $15,862,500, subject to typical post-closing adjustments, and was funded through a combination of cash and $3.0 million of vendor take back financing. The acquisition is expected to be immediately accretive to Mosaic's free cash flow and distributable cash per common share. \nEstablished in 2002, Industrial Scaffold (www.industrialscaffoldservices.ca) is a preferred worksite surface and access scaffold provider for numerous industrial projects within western Canada, providing both scaffolding services and environmental containment services (which is the wrapping of structures such as buildings, industrial infrastructure, ships and submarines). Industrial Scaffold's commitment to safety, excellent customer service and the provision of highly qualified field supervisory personnel are key elements which keep it at the forefront of its industry.\n\"The acquisition of Industrial Scaffold follows the continued execution of our strategic plan of partnering with excellent management of great businesses with growing sustainable free cash flow and operating within an industry which we believe has good growth potential,\" commented John Mackay, CEO of Mosaic. Mr. Mackay a...