Black Diamond completes strategic acquisition

On March 6, 2017, Black Diamond Group Limited ("Black Diamond") announced it completed the acquisition of the modular workspace rental fleet and related assets, including the Britco brand, from Britco LP, a wholly-owned subsidiary of WesternOne Inc., for cash consideration of approximately C$41 million, subject to customary adjustments.

The transaction includes all of Britco's 1,896 rental fleet assets, working capital in the amount of approximately C$1,175,000, nearly 1,000 existing customer contracts, nine strategic First Nations partnerships, and the transfer of all key personnel to ensure the seamless transition of Britco operations to Black Diamond. Black Diamond has not acquired the modular manufacturing business of WesternOne Inc. and will not be assuming long term liabilities or debt obligations other than real estate leases for Britco's five operating locations.

The transaction was effective as of March 1, 2017.

Black Diamond Group is a leading provider of workforce accommodation, modular buildings, energy services, and full turnkey lodging and major project solutions including planning and management, logistics, and catering to customers in Canada, the United States and Australia.

Britco is one of the leading modular construction companies in North America.

WesternOne seeks to acquire and grow businesses in the construction and infrastructure services sectors in order to generate value for its shareholders.

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