12.05.2016

Entrec acquires HighMark Crane

Canadian crane and haulage company Entrec has acquired the business and assets of HighMark Crane of Edmonton.

Highmark runs a fleet of nine boom trucks up to 50 tons capacity, Rough Terrains up to 120 tons and All Terrain cranes up to 150 tonnes it two branches in Manitoba, one in Thompson and one in Oakbank, Winnipeg, from these it runs three satellite depots, in Grande Prairie, Alberta, Stephenville, Newfoundland and Goose Bay, Labrador.

The company specialises in providing crane rental, operators, industrial equipment and transportation services to the power transmission, mining, and commercial construction industries across Canada. The market value of the company’s fleet was valued at $5.5 million. Entrec, which is an employee owned company, paid $3.5 million plus 1,605,286 of Entrec shares. $200,000 of the cash consideration was subject to a ‘hold-back’.

Entrec chief executive John Stevens said: “The acquisition of HighMark represents a key stepping stone in our strategy to further diversify our business outside oil and gas. HighMark, led by Scott Dodds, its president and founder, has developed a strong reputation as a leading provider of crane services to the power transmission industry right across Canada. We are very pleased to welcome Scott and his employees to the Entrec family. With the acquisition of HighMark we are also pleased to announce that we have expanded our operations into the provinces of Manitoba and Newfoundland and Labrador”.