RE:interesting
NAPEC unit acquires Bemis for $19.2-million (U.S.)
2015-10-09 11:56 ET - News Release
Mr. Pierre Gauthier reports
NAPEC INC. ANNOUNCES THE ACQUISITION OF BEMIS, LLC
NAPEC Inc.'s U.S. subsidiary Riggs Distler & Company Inc. (RDC) has acquired Bemis LLC (Bemis), a business unit of Willbros Group Inc.
Founded in 1981 and based in Jacksonville, Vt., Bemis provides major utility companies in the U.S. northeast with construction and maintenance services for electricity transmission and distribution networks, as well as environmental construction and road matting services. Over the last four years, Bemis has generated average annual earnings before interest, taxes, depreciation and amortization (EBITDA) of more than $4-million (U.S.). Its work force currently exceeds 40 employees.
The transaction provides for a purchase price of $19.2-million (U.S.), subject to certain adjustments. NAPEC has financed the acquisition through a combination of existing and new credit facilities. The Bemis management team, led by Rodney Bemis, will remain in place.
"The acquisition of Bemis is in keeping with NAPEC's strategic objectives to broaden its geographical coverage and service offering, while fostering cross-selling opportunities. Bemis will significantly improve our presence in the New England area where it has solid relationships with leading utility service providers who will also benefit from RDC's wide pool of expertise. In addition, Bemis's road matting services represent a new, value-added expertise that we can leverage across our network. This synergistic and accretive transaction represents an important step forward for NAPEC," said Pierre L. Gauthier, president and chief executive officer of NAPEC.