Acquisition in offing

Clearford Industries Inc. is preparing to buy an Ontario-based concrete manufacturer for approximately $22 million. The water and wastewater treatment systems maker says it expects to finalize the deal by the end of January, provided it can secure the financing and once due diligence, currently underway, is completed. The Ottawa company reportedly made a conditional offer for the concrete maker on Nov. 11, but has yet to disclose the name of the firm, citing the sellers Clearford.jpgwish to remain anonymous for the time being “for competitive marketing and business reasons” and “to preserve confidentiality of the transaction until a definitive agreement has been entered into.” The acquisition would strengthen Clearford’s concrete division, Brooklin, a manufacturer of pre-cast concrete products. “The addition of the vendor’s business to Clearford’s concrete division builds on Clearford’s strategy of consolidation of the wet cast segment of the pre-cast concrete market through acquisition,” the company says. The acquisition of the vendor, which expects revenue in excess of $16 million for the current fiscal year, could result in it taking control of the merged business in a reverse take-over, though this is unlikely, according to Clearford. In its most recent quarter, Clearford reported record revenues of $8.3 million.

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