Ironbridge Equity Partners announces that its portfolio company, Advance Engineered Products has sold Westech Vac Systems to Federal Signal’s Environmental Solutions Groupmarcslater
(TORONTO, January 5, 2016) – Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce that its portfolio company, Advance Engineered Products Ltd. (“Advance”) of Regina, Saskatchewan has sold its subsidiary, Westech Vac Systems Ltd. (“Westech”) to the Environmental Solutions Group of Federal Signal Corporation (“Federal Signal”).
Westech, based in Nisku, Alberta is Western Canada’s leading manufacturer of high-quality, rugged vacuum trucks that are designed for extreme environmental conditions. On October 1, 2015 Ironbridge purchased Advance, Canada’s leading tank trailer manufacturer and service centre operator. Westech was deemed non-core to the ongoing operations of Advance, as Advance refocuses on manufacturing and servicing tank trailers.
Advance was the fifth investment in Ironbridge’s second private equity fund, Ironbridge Equity Partners II, LP, a fully-committed $154 million fund.
Ironbridge invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. The nine-person investment team has extensive financial and operating experience and works closely with the management of its portfolio companies to enhance value.
About Federal Signal:
Federal Signal (NYSE: FSS) provides products and services to protect people and our planet. Founded in 1901, Federal Signal is a leading global designer and manufacturer of products and total solutions that serve municipal, governmental, industrial and commercial customers. Headquartered in Oak Brook, Ill., with manufacturing facilities worldwide, the Company operates three groups: Environmental Solutions, Safety and Security Systems, and Fire Rescue. For more information on Federal Signal, visit: www.federalsignal.com.
Federal Signal’s Environmental Solutions Group is a leading provider of a full range of Elgin street sweepers, Guzzler industrial vacuum trucks, Jetstream high-performance waterblasting equipment, and Vactor sewer cleaners and vacuum excavators for commercial, municipal and industrial customers. The Environmental Solutions Group also includes FS Solutions, which offers unsurpassed expertise and a unique breadth of environmental cleaning equipment, parts, rental, service and training.
For more information, contact:
President and Managing Partner
Ironbridge Equity Partners
President and CEO
Advance Engineered Products Ltd.