Business
TERRAVEST ANNOUNCES THE ACQUISITION OF HIGHLAND TANK
TERRAVEST ANNOUNCES THE ACQUISITION OF HIGHLAND TANK Canada NewsWire TORONT...
About this update from Terravest Industries, Inc.
[{"type":"text","content":"\n \n \n \n TERRAVEST ANNOUNCES THE ACQUISITION OF HIGHLAND TANK\n \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 Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 1st, 2023\n \n \n /CNW/ - TerraVest Industries Inc., (TSX: TVK) (\"TerraVest\") is pleased to announce it has entered into an agreement to acquire all the assets of the subsidiaries of Highland Tank Holdings, LLC (\"Highland Tank\" or the \"Company\"). Based in\n \n Stoystown, Pennsylvania\n \n , Highland Tank is a leading manufacturer of fuel & chemical storage tanks, LPG vessels and other custom built steel storage products in\n \n North America\n \n .\n \n \n The total purchase price of\n \n USD$78.0 million\n \n equates to a purchase price multiple on trailing twelve-month EBITDA of approximately 4.0x.\n \n \n As part of the transaction,\n \n John Jacob\n \n , entrepreneur, and existing owner of Highland Tank will retain the role of President and continue to manage operations.  Of the\n \n USD$78.0 million\n \n purchase price,\n \n USD$5.0 million\n \n will be retained by Mr. Jacob in the form of TerraVest shares.\n \n \n \"Joining with TerraVest, offers a tremendous opportunity to the people of both companies to accelerate our combined growth given our strengths and complementary products. I look forward to leading Highland Tank as it takes the next steps in its 75+ year history.\" said Mr. Jacob\n \n \n \n Dustin Haw\n \n , Chief Executive Officer of TerraVest, welcomes the employees and management of Highland Tank and looks forward to their continuing commitment to the Company's entrepreneurial spirit and dedication to customers. \"Highland Tank is a strong business, a leader in its industry and a self-sufficient operation. We're delighted to welcome its employees to the TerraVest family. Highland Tank fits within our portfolio of businesses perfectly and we look forward to leveraging our product suite and scale to enhance Highland Tank's growth.\" said Mr. Haw.\n \n \n \n \n Caution Regarding Forward-Looking Statements\n \n \n \n \n \n This news release contains for...