Strad completes going private transaction
On February 23, 2020, Strad Inc. ("Strad") and 2238399 Alberta Ltd. ("AcquireCo") announced an arrangement agreement pursuant to which AcquireCo—an entity formed for the purposes of the arrangement at the control and direction of defined Strad officers and directors—would acquire all of the issued and outstanding class A shares of Strad by way of a plan of arrangement under the Business Corporations Act (Alberta).
Under the terms of the arrangement agreement, each holder of Strad shares, other than the ongoing shareholders defined under the agreement, would receive C$2.39 in cash in exchange for each share of Strad held. The arrangement is valued at approximately C$130 million, excluding assumed debt and inclusive of the value of approximately 21.4% of the outstanding Strad shares held directly or indirectly or over which control and direction is exercised by the ongoing shareholders.
Completion of the transaction was announced on April 21, 2020. Financing of the arrangement was provided by HSBC Bank Canada, ATB Financial, BDC Capital and Nicola Wealth.
Further information can be found on Canada Newswire's website.
Strad specializes in industrial matting and equipment rentals for projects of any size, from a network of branches across Canada and the United States.