Wajax Announces Closing of Tundra Process Solutions Acquisition

TSX Symbol:  WJX

TORONTO, Jan. 22, 2021 /CNW/ - Wajax Corporation ("Wajax" or the "Corporation") today announced the closing of its previously announced acquisition of all of the issued and outstanding shares of Calgary, Alberta-based Tundra Process Solutions Inc. ("Tundra") for total consideration of $99.1 million.

Founded in 1999, Tundra provides maintenance and technical services to customers in the western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. Tundra also distributes a diverse range of industrial process equipment, representing industry-leading manufacturers of valves and actuators, instrumentation and controls, motors and drives, control buildings, boilers and water treatment solutions. Employing approximately 150 people, Tundra operates four facilities in Alberta: Calgary, Edmonton (2 locations) and Grande Prairie. Tundra also maintains a local sales presence in Fort McMurray and Red Deer, Alberta; Vancouver and Fort St. John, British Columbia; and southern Saskatchewan. As part of the transaction, all key members of Tundra's senior management team will continue in their present roles.

Wajax Corporation

Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest-standing and most diversified industrial products and services providers. The Corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas.

SOURCE Wajax Corporation