Sequeira Partners acted as exclusive financial advisor to Noralta Lodge Ltd. (“Noralta” or “the Company”) in the sale to Civeo Corporation (“Civeo”). The transaction closed in April 2018:
Description of Transaction
Sequeira Partners was engaged to assist Noralta Lodge in identifying the best-fit partner to allow the shareholders to monetize a portion of their investment in the Company and help the business through it’s next phase of growth. The Sequeira team provided advisory assistance throughout the transaction including providing an initial valuation; running a targeted marketing process; negotiating deal terms, transaction structure, and consideration; managing the due diligence process and negotiating final transaction terms.
The sale to Civeo allows Noralta Lodge shareholders to monetize their investment in the business while also allowing ongoing participation as significant shareholders of the combined entity going forward.
Noralta Lodge is a premium, Alberta-based provider of remote accommodations to the Canadian oil sands region. Through its full service open lodge accommodations, facilities management services, and turnkey solutions, Noralta Lodge offers hospitality for tens of thousands of workers in Western Canada’s energy sector. With eleven lodges comprised of over 5,700 owned rooms and 7,900 total rooms strategically located throughout Northern Alberta, Noralta Lodge has the capacity to house large workforces and the flexibility to meet their clients’ rapidly changing needs.
Civeo Corporation is a leading provider of workforce accommodations with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for housing hundreds or thousands of workers with its long-term and temporary accommodations and provides catering, facility management, water systems and logistics services. Civeo currently owns a total of 19 lodges and villages in operation in Canada and Australia, with an aggregate of more than 24,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange.