An $8.9 million purchase of an Alida based company by Vertex Resource Group. It was announced last week Vertex had purchased Three Star Trucking, an environmental service company that provides fluid hauling, pressure trucks, hot oilers and combo vac services in Western Canada.
Deon Walsh is Vertex’s Vice-President of Environmental Services. He explained the purchase was a good fit.
“We felt it would a be a great geographical and strategic move for us to acquire Three Star Trucking to add into our current geographical footprint and service offering.”
The management team in place at Three Star is expected to stay on, and Walsh stated he is not anticipating any layoffs as a result.
“For us, we truly believe you need to keep the employees and management teams to have success when you do acquisitions,” Walsh added.
This is the fifth acquisition in Western Canada by Vertex this year. The total purchase consists of 2.6 million common shares being issued at $1.00 per share, $4.4 million in cash and $1.9 million in non-interest bearing promissory notes over two years. Vertex also assumed $10.2 million in long-term debt offset by a positive working capital of $6.3 million.