Atlas Engineered Products buys Hi-Tec Industries in British Columbia
Mar. 01, 2022 9:26 AM ETAtlas Engineered Products Ltd. (APEUF), AEP:CABy: Meghavi Singh, SA News Editor
- Atlas Engineered Products (OTCPK:APEUF) has acquired Hi-Tec Industries located in Lantzville, British Columbia.
- Hi-Tec manufactures roof trusses and sells engineered wood products to a strong, loyal customer base on Vancouver Island in British Columbia.
- Under the terms, AEP has acquired all of the issued and outstanding shares of Hi-Tec for a purchase price of $5.8M in cash.
- In addition, AEP has acquired the land and buildings on which Hi-Tec's facilities are located for a price of $3.25M in cash based on a completed independent appraisal.
- In connection with the deal, the Company has entered into a term loan for the $5.8M and a mortgage for 75% of the $3.25M, with the remaining portion of the land and building purchase and working capital adjustment will be funded by internally generated cash.