WesternOne sells Britco’s Canadian manufacturing operations
April 14, 2017 | By Manufacturing AUTOMATION
Apr. 14, 2017 – WesternOne has entered into a binding agreement with Triple M Modular, an investee company of TriWest Capital Partners, to sell all of WesternOne’s Canadian manufacturing assets and liabilities in order to complete its exit from the modular building business known as Britco Manufacturing.
As a result of the deal, WesternOne will receive cash consideration of $2.5 million upon closing, plus or minus customary working capital adjustments and up to an additional $2.5 million contingent on earnings from the business sold for the 12-month period following the close of the Transaction. The Transaction is expected to close on or about May 1.
Britco Manufacturing provides modular construction solutions, with design-build and turn-key capabilities, for permanent applications such as multi-user buildings, hotels and lodges and offices, and relocatable structures such as office complexes, construction site offices and workforce accommodations.
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