(TORONTO, October 1, 2015) – Ironbridge Equity Partners (“Ironbridge”) of Toronto, Ontario is pleased to announce that they, together with management, have acquired the assets of Advance Engineered Products Ltd. (“Advance”) of Regina, Saskatchewan and the shares of Dumur Industries (“Dumur”) of White City, Saskatchewan. Dumur was previously a 100% owned subsidiary of Advance. Ironbridge will hold both Advance and Dumur as separate portfolio companies.
Advance is western Canada’s leading tank trailer and vacuum truck manufacturer and service center operator. It currently operates three distinct businesses: (i) designing and manufacturing aluminum and stainless steel truck tanks and trailers under the Advance and Lazer Inox brands; (ii) operating service centers for the repair, maintenance, inspection and certification of truck tanks and trailers; and (iii) manufacturing and servicing vacuum trucks under the Westech brand. Advance primarily serves the petroleum, chemical, food, oil and gas, bulk feed and dry bulk end markets. It operates two manufacturing facilities and five service centers in western Canada and an additional manufacturing facility in Drummondville, Quebec.
Darrell Zwarych, President and CEO of Advance said “We are pleased with the result of the sale process and what it means for our future. Ironbridge brings financial stability and expertise to help us better serve our customers and grow.”
Dumur is a precision metal fabrication and machining business primarily servicing the military and aerospace sectors. It offers full-service, design-to-delivery fabrication and machining for a wide range of projects from parts production runs to complex, custom-fabricated assemblies. Dumur has specific domain expertise in manufacturing components for light armored vehicles for North America’s largest defence contractors.
Ian Harrison, President of Dumur said “We are excited to partner with Ironbridge and benefit from the expertise in helping small businesses like Dumur execute on their strategic plan and enter the next phase of their life cycle. Ironbridge’s experience in manufacturing will be beneficial to the future of Dumur.”
“Both Advance and Dumur are great, well run businesses that we are proud to have in our portfolio of investments,” said Alan Sellery, President and Managing Partner of Ironbridge. “We look forward to working with both Darrell Zwarych, Ian Harrison and their management teams over the course of our investments.”
Advance and Dumur are the fifth and sixth investments, respectively in Ironbridge’s second private equity fund, Ironbridge Equity Partners II, LP, a fully-committed $154 million fund.
Ironbridge’s team of nine professionals 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 Ironbridge investment team has extensive financial and operating experience and works closely with the management teams of its portfolio companies to enhance value.
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