24-02-2012
Entrec enters into letters of intent to acquire Singer specialized ltd
Entrec Transportation Services Ltd is pleased to announce it has entered into a letter of intent, subject to certain conditions, to acquire 100% of the issued and outstanding shares of Singer Specialized Ltd. (“SINGER”). SINGER is based in Calgary, Alberta and specializes in the transportation of over-sized and over-weight equipment within the oil and gas, petro-chemical, power generation, construction and mining industries. The original SINGER operating company was first established in 1978.
Operating out of a modern 21,000 square foot shop and office facility, SINGER operates an extensive fleet of conventional heavy haul trailers, tractors, winch tractors, prime movers, picker trucks, as well as 58 lines of hydraulic platform trailers. Entrec’s existing Calgary location will be integrated into the SINGER location.
“We are very pleased with the potential acquisition of SINGER,” comments Rod Marlin, ENTREC’s Chairman and CEO. “The acquisition of SINGER comes with a committed management team and will allow us to continue executing our strategy to become the dominant provider of heavy haul transportation services in our markets.”
The aggregate purchase price payable for SINGER will be $15.265 million, less the value of long-term debt as at the closing of the transaction. The aggregate purchase price will be payable through a combination of: (i) the issuance of 3,900,000 common shares of ENTREC issued at a deemed price of $1.35 per share; and (ii) the balance payable in cash. The acquisition of SINGER is currently anticipated to close on or about April 5, 2012.
In conjunction with the close of the transaction, Entrec will invite key SINGER employees to participate in its Employee Share Ownership Plan.
Entrec estimates SINGER could generate earnings before interest, taxes, depreciation and amortization (“EBITDA”) of approximately $4.0 million on an annual basis in the future after considering the impact of expected synergies.
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