Wajax Announces Acquisition of NorthPoint Technical Services

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[{"type":"text","content":"\n\n\n\nWajax Announces Acquisition of NorthPoint Technical Services\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.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnvat{\nVERTICAL-ALIGN: TOP\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Jan. 13, 2020\n\n\n\nTSX Symbol:  WJX\n TORONTO, Jan. 13, 2020 /CNW/ - Wajax Corporation (\"Wajax\" or the \"Corporation\") today announced that it has acquired all of the issued and outstanding shares (the \"Shares\") of Calgary, Alberta-based NorthPoint Technical Services ULC (\"NorthPoint\"). The Shares were acquired from an affiliate of Denver, Colorado-based Lion Equity Partners for an aggregate purchase price of $18 million. \n\n \n \n\n \nNorthPoint was formed in 2018 as a national electro-mechanical services provider and serves a broad range of resource and industrial customers. Specializing in the repair of rotating industrial equipment, including motors, generators, gearboxes, switchgear, transformers, pumps, fans and turbines, NorthPoint operates nine branches across Canada and employs approximately 177 people. Northpoint's branches are located in Grand Prairie and Calgary, Alberta; Regina, Saskatchewan; Winnipeg, Manitoba; Kirkland Lake, Sudbury and Sarnia, Ontario; Moncton, New Brunswick; and St. John's, Newfoundland.\nTransaction Highlights\nConsistent with Wajax's strategy, the acquisition of NorthPoint is expected to provide meaningful growth in the Corporation's Engineered Repair Services (\"ERS\") business. For the twelve months ended December 31, 2019, NorthPoint had revenues of approximately $49.2 million. NorthPoint is complementary to Wajax's existing ERS business, which includes Montréal, Québec-based Groupe Delom Inc., acquired by Wajax in Oc...

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