Bennett Jones is acting for Tundra Process Solutions in its $99.1-million acquisition by Wajax Corporation. The transaction is expected to close early in the first quarter of 2021.
Calgary-based Tundra provides maintenance and technical services to customers in the western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. Founded in 1858, Wajax is one of Canada's longest-standing and most diversified industrial products and services providers.
Transaction highlights:
- Consistent with Wajax's strategy, the acquisition of Tundra is expected to provide meaningful growth in the Corporation's Engineered Repair Services (ERS) and industrial parts categories. For the twelve months ended November 30, 2020, Tundra had revenues of approximately $147.8 million.
- Tundra's operations are complementary to Wajax's existing ERS and industrial parts businesses, adding extensively to its service offering and product portfolio, and further enhancing the "One Wajax" value proposition as macro tailwinds support the potential for a return to pre-COVID-19 activity levels.