Sequeira Partners acted as advisor to McCoy Global in the divestiture of Inotec Coating and Hydraulics Inc. The McCoy press release is below and the original is McCoy Global press release.
Sept. 16, 2014
Edmonton, Alberta – McCoy Global Inc. (“McCoy” or “the Company”) (TSX:MCB; OTCQX:MCCRF), a supplier of innovative products and services for the global energy industry, today announced that it has sold its Coatings and Hydraulics business, located in Edmonton, Alberta, for approximately CAD$9.3 million. The Coatings and Hydraulics business was placed into McCoy’s discontinued operations during the fourth quarter of 2013.
“With the divestiture of the Coatings and Hydraulics division, McCoy has achieved the goal of becoming a pure play developer and provider of advanced tubular products and services, which is especially meaningful as we celebrate our 100th anniversary this year,” said Jim Rakievich, President and CEO.
Under the terms of a share purchase agreement dated September 15, 2014, McCoy sold 100 percent of the issued and outstanding shares of its wholly-owned subsidiary, Inotec Coating and Hydraulics Inc., to Corrosion and Abrasion Solutions Ltd. (“CASL”).
McCoy provides innovative products and services to the global energy industry, and 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’s corporate office is located in Edmonton, Alberta, Canada with offices in Alberta, Louisiana, Texas, Aberdeen, Singapore and Luxembourg.
CASL is focused on protecting the world’s energy, mining and industrial infrastructure from wear caused by corrosion and abrasion through prevention and monitoring, surface improvement and innovative product and service development. The business is focused on building the industry leading corrosion solutions provider by attracting the best possible people, being progressive and innovative in solving problems and working with suppliers to develop solutions. CASL currently operates under Unimin Canada Inc., Fuller Western, Christie Corrosion Control 1983 Ltd., Master Blasters and EnerClear Services Inc. Terry Freeman, a director of McCoy, is the CEO of CASL and has an equity investment in CASL.