News Feed Item

WesternOne Inc.'s Modular Building Division Completes Acquisition of Business Interest in Australia

VANCOUVER, Jan. 18, 2013 /PRNewswire/ - WesternOne Inc. ("WesternOne") (TSX: WEQ, WEQ.DB.B, WEQ.DB.C) today announced that its modular building division, Britco LP ("Britco"), has completed the purchase of the Australian Portable Buildings group of companies ("APB") along with Black Diamond Group Ltd. ("Black Diamond") (TSX: BDI). The aggregate purchase price was A$72.5 million (the "Acquisition"), with Britco paying A$31.4 million for 80% of APB's manufacturing business and 10% of APB's leasing business. Black Diamond purchased the remaining interests in the manufacturing and leasing businesses. The purchase is subject to customary post-closing adjustments including net asset adjustments. Britco funded the purchase from existing working capital and a banking facility.

APB manufactures and leases modular buildings throughout Australia including in Sydney (New South Wales), Brisbane (Queensland) and Perth (Western Australia). It serves the mining, resource, commercial, industrial and government industry sectors and designs and builds a wide variety of temporary and permanent buildings including workforce accommodations, office complexes, classrooms, health care facilities, switch rooms and a variety of construction site offices.

Britco's management expects the Acquisition to be accretive to WesternOne's shareholders based on its projections of annual EBITDA of A$5.3 million for its interest in APB's business for the 2013 fiscal year.

Britco intends to operate in Australia under the name "APB Britco" to reflect a combination of two well-established modular building manufacturing companies.

"We are delighted to complete this acquisition - it establishes WesternOne's and Britco's presence in a strategic market beyond North America," stated Darren Latoski, CEO of WesternOne. "Australia is one of the world's largest markets for modular buildings due to the significant investments in energy and infrastructure. Britco APB is well-positioned for future growth in Australia by offering not only design-build capabilities but also turn-key construction project management services in the modular building market."

Subsequent to the Acquisition, APB's manufacturing business will be held by an Australia-based corporation that is an indirect subsidiary of Britco.

Non-IFRS Measures

References in this press release to "EBITDA" are to earnings before interest, income taxes, depreciation, amortization, gain/loss on financial derivatives relating to changes in the fair market value of the fixed interest rate swap, business acquisition and income trust conversion costs, convertible debenture issuance costs, gain/loss on convertible debentures relating to changes in their fair market values, gain/loss on trust unit issuances relating to the conversion of convertible debentures, gain/loss on exchangeable units relating to changes in their fair values, share based compensation, dividends to shareholders, foreign exchange gains/losses, write-down of fleet assets, intangible assets and goodwill, and franchise termination fees. EBITDA is a measure used by many investors to compare issuers on the basis of ability to generate cash flow from operations. EBITDA is not an earnings measure recognized by International Financial Reporting Standards ("IFRS"), does not have standardized meanings prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. WesternOne's management believes that EBITDA is an important supplemental measure in evaluating WesternOne's performance and in determining whether to invest in its common shares.

Readers of this information are cautioned that EBITDA should not be construed as an alternative to: (i) net income or loss determined in accordance with IFRS as an indicator of WesternOne's performance; or (ii) cash flows from operating, investing and financing activities as measures of WesternOne's liquidity and cash flows. WesternOne's method of calculating EBITDA may differ from the methods used by other issuers and, accordingly, WesternOne's EBITDA may not be comparable to similar measures presented by other issuers.

Forward-Looking Information

Certain statements in this press release may constitute "forward-looking" information that involves known and unknown risks, uncertainties and other factors, and it may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information is identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions. Such information includes, without limitation, statements with respect to capital investments in the energy and infrastructure sectors in Australia, projected EBITDA for Britco's interest in APB's business, Britco's growth potential in Australia, APB's ability to serve the modular buildings market in Australia, the intention to use the business name "APB Britco" in Australia and post-closing adjustments including net asset adjustments. Actual events or results may differ materially.

Forward-looking information contained in this press release is based on certain key expectations and assumptions made by WesternOne, including, without limitation, expectations and assumptions respecting: the outlook of the global economy and WesternOne's business in Western Canada, the United States and Australia, the supply and demand for WesternOne's products and services and management's assessment of future plans and operations. Although the forward-looking information contained in this press release is based upon what the WesternOne's management believes to be reasonable assumptions, WesternOne cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information, and a description of these factors can be found under "Risk Factors" in WesternOne Equity Income Fund's Annual Information Form dated March 29, 2012 and Management's Discussion and Analysis dated November 14, 2012, which are available on SEDAR (www.sedar.com).

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to WesternOne. The forward-looking information is made as of the date of this press release and WesternOne assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

About WesternOne

WesternOne seeks to acquire and grow companies in the construction and infrastructure services sectors in order to generate stable and growing dividends for its shareholders and to achieve capital appreciation.

Additional information about WesternOne is available at www.weq.ca or www.sedar.com.

About Britco

Britco is the one of the largest providers of temporary and permanent residential and commercial modular buildings in North America and has one of the largest lease fleets of office complexes, construction site offices and storage containers in Western Canada. Through its investment in the Australian Portable Buildings group of companies, Britco now has approximately 1,000 employees and is one of the largest modular construction companies in the industry with ten manufacturing facilities located in Canada, the United States and Australia. Britco is a leading design-builder of a wide range of innovative modular buildings for companies in the construction, energy and resource sectors in Western Canada, the United States and Australia.  One of the largest and fastest growing construction companies in Western Canada, Britco is headquartered in Langley, British Columbia.

Additional information about Britco is available at www.britco.com.


SOURCE WesternOne Equity Income Fund

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
In past @ThingsExpo presentations, Joseph di Paolantonio has explored how various Internet of Things (IoT) and data management and analytics (DMA) solution spaces will come together as sensor analytics ecosystems. This year, in his session at @ThingsExpo, Joseph di Paolantonio from DataArchon, will be adding the numerous Transportation areas, from autonomous vehicles to “Uber for containers.” While IoT data in any one area of Transportation will have a huge impact in that area, combining sensor...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...