Entrec Corp., Spruce Grove, Alberta, (Toronto Venture: ENT) has closed its acquisition of the Nisku, Alberta-based Mains Group of Cos. for C$57.8 million in cash and stock.
Entec issued 15.15 million common shares at a deemed price of C$1.35 per share and paid the balance in cash.
The Mains Group provides crane and heavy-haul transportation services to all major industry sectors throughout western Canada. In 2009, the Mains Group also expanded its operations through Mains Crane USA to Fargo, North Dakota adjacent to the Bakken region.
The Mains Group currently employs approximately 100 employees and operates a modern, well maintained fleet of cranes and specialized heavy haul transportation equipment. The Mains Group operates a crane fleet of more than 60 units consisting of rough terrain cranes, all terrain cranes, crawlers, carry decks and picker trucks. The transportation fleet includes 42 lines of hydraulic platform trailers, 10 power units, and approximately 40 conventional heavy haul trailers.
Entrec chairman and chief executive Rod Marlin says, “Our expansion into the crane services market is a key element of our overall growth strategy. The acquisition of the Mains Group represents a significant step forward for Entrec in becoming a leading provider of integrated crane and heavy haul solutions to our customers throughout North America.”
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