Sequeira Partners acted as advisor to McCoy Corporation in the divestiture of Peerless Limited. The McCoy press release is below with details added from manac.ca. The original McCoy press release is available here.
June 17, 2014
Edmonton, Alberta –McCoy Corporation (“McCoy”, “McCoy Global” or “the Corporation”) (TSX:MCB;OTCQX:MCCRF), a provider of innovative products and services for the global energy industry, today announced that it has sold its Mobile Solutions business for approximately CAD$14.75 million.
“The sale of the Mobile Solutions business is a major step towards becoming a pure play developer and provider of advanced tubular products and technologies,” said Jim Rakievich, President and CEO of McCoy. “This divestiture enables McCoy to focus on our international expansion strategy which will optimize global customer service and support throughout the entire equipment lifecycle. The proceeds of this sale further strengthen our balance sheet,which will support the development of our “we” product line as well as fund potential strategic acquisitions.”
Under the terms of the Share Purchase Agreement, McCoy sold 100 percent of the issued and outstanding shares of its wholly-owned subsidiary, Peerless Limited, to Manac Inc. (TSX:MA), a Montreal-based truck trailer manufacturer.
McCoy provides innovative products and services to the global energy industry. McCoy Global operates internationally through direct sales and distributors with its operations based out of Western Canada, the U.S. Gulf Coast, Europe and Asia-Pacific. McCoy Global’s corporate office is located in Edmonton, Alberta, Canada with offices in Alberta, Louisiana, Texas, Aberdeen, Singapore and Luxembourg.
About Peerless Limited
Founded in 1944, Peerless is a highly specialized trailer and chassis designer and manufacturer for a variety of industries including oil and gas, mining, forestry, logging and construction. Peerless’s innovative and high quality products are key factors explaining how Peerless has risen to the rank of premier manufacturer of custom chassis and oilfield trailers. Peerless offers products under two well-recognized brands in the heavy haul and custom chassis market: Peerless in Western Canada and Scona in the United States. The Peerless production facility is located in Penticton, British Columbia, and has been part of the McCoy Corporation (TSX: MCB) since 2004. In addition to its Canadian manufacturing plant, Peerless uses contracted manufacturing facilities in the Southern U.S.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in the manufacturing of specialty trailers in North America. The Company offers a wide range of vans, flatbeds and specialty trailers such as dumps, low beds, grain hoppers, chip and logging trailers, all of which are sold in Canada and the United States under the recognized brands Manac®, CPS®, Darkwing®, UltraPlate® and Liddell Canada®. Manac services the heavy-duty trailer industry for the highway transportation, construction, forestry and agricultural sectors and manufactures its trailers in facilities located in Saint-Georges, Quebec as well as Oran and Kennett, Missouri. Manac is listed on Toronto Stock Exchange (TSX : MA).