Tags
Industry News

Logistec Corporation acquires a majority interest in FER-PAL Construction Ltd

Logistec Corporation, a marine and environmental services provider, has recently announced that it has acquired 51% of the shares of FER-PAL Construction Ltd. ("FER-PAL"), a trenchless technology company that offers complete water main rehabilitation solutions, for an aggregate purchase price of $49.5 million, subject to adjustments.

Established in 1986 and based in Toronto, Ontario, FER-PAL specializes in water main rehabilitation projects utilizing trenchless technologies of all types and sizes for municipalities in Canada and the United States, including our Aqua-Pipe technology. FER-PAL has enjoyed a longstanding relationship with Sanexen Environmental Services Inc. ("Sanexen"), a subsidiary of Logistec, which has developed the proprietary technology for the trenchless rehabilitation of water mains, commercialized under the name Aqua-Pipe. For the year ended December 31, 2016, FER-PAL generated revenues of $97.4 million and profit attributable to owners of $8.2 million.

"We are very proud to have cemented our relationship with FER-PAL and its dynamic management team," said Madeleine Paquin, President and CEO of Logistec Corporation. "Shaun McKaigue and his colleagues have built tremendous expertise and know-how in the water main rehabilitation business and together, we are confident to have the best team to successfully expand our footprint throughout North America," added Ms. Paquin.

The purchase price paid by Logistec consists of a cash payment of $41.5 million and the issuance of 230,747 Class B subordinate voting shares in the capital of Logistec and is subject to post-closing adjustments. The Logistec shares issued as part of the purchase price will be covered by contractual lock-up restrictions as to 100% of such shares until January 6, 2018 and as to 50% until July 6, 2018, and orderly disposal provisions.

The vendors retain 49% of the shares of FER-PAL, which will be subject to a put option, exercisable by the vendors at any time after July 6, 2021, to sell all the remaining shares to Logistec in three equal tranches over a two year period for cash consideration based on a predetermined purchase price formula, as well as to a call option, exercisable by Logistec at any time after July 6, 2022, to purchase all the remaining shares from the vendors on the same terms.

FER-PAL's management team, including its President, Shaun McKaigue, its Vice-President, Project Management, Francesco Garcea, and its Vice-President, Operations, Gerald Ramsay, will continue to lead FER-PAL in their current roles following the transaction.

As part of the transaction, Sanexen and FER-PAL have extended the terms of their contractual relationship, which include exclusivity rights in favour of FER-PAL to market and promote Sanexen's structural liner products in several Canadian provinces and U.S. states. 

Latest News

Tags
Industry News
Tunneling

Herrenknecht tunnel borers continue success story in L.A.

Los Angeles is a vibrant center of international film art and innovation - not just on the surface. The area below ground is the scene of state-of-the-art engineering achievements. German high-tech machines from Herrenknecht are creating underground arteries for the American city. Tunnel boring machine (TBM) , Harriet successfully completed her drive for the Crenshaw/LAX Transit Project in April 2017. Angeli just finished digging the first of two tunnels for the Regional Connector Transit Corridor on July 18th. From spring 2018 onward the tunnel boring stars will have additional company: for each of the "Purple Line Extension Sections 1 + 2", two more Herrenknecht TBMs will be working their way through the difficult ground. All three projects are part of the strategic subway extension in L.A. to relieve the traffic above ground.

Read More

Tags
Industry News

A New Resource in the Large-diameter Pipe Industry

When Thompson Pipe Group recently acquired the concrete and steel pressure pipe assets of U.S. Pipe, previously a division of Forterra, it instantly became a major provider of pipe to the water, wastewater, power and industrial markets in North America. With manufacturing plants throughout the country, Thompson Pipe Group now offers a uniquely comprehensive portfolio of open-cut and trenchless pressure and gravity pipe solutions, together with related products.

Read More

Tags
Industry News

Mexico City’s Record-Breaking Crossover TBM makes Final Breakthrough

In June , a select group of project officials, including Mexico's President Enrique Peña Nieto, celebrated the final breakthrough of an epic tunneling project.  The 8.7 m (28.5 ft) diameter Robbins Crossover TBM is the first such hybrid machine to operate in North America, and it completed the Túnel Emisor Poniente (TEP) II on a high note.  The TBM, known an XRE—a Crossover (X) between Rock (R) and EPB (E) TBMs—navigated fault zones, variable ground, low cover, and more to achieve a national record of 57 m (187 ft) in one day as well as maximum rates of 231 m (758 ft) in one week and 702 m (2,303 ft) in one month. 

Read More

Tags
Industry News

Going deep in the nation’s capital

Gilmour Street, located south-southeast of downtown Ottawa, runs through the area of the nation's capital called Centretown. It's mostly residential with some businesses mixed in, and is situated between the Ottawa River and the historic Rideau Canal.

Read More

Tags
Horizontal Directional Drilling

Keys to a smooth running HDD operation

Success in the HDD business is about more than boring a stable hole and completing a successful pullback. It's about running your entire HDD operation like a well-oiled machine. Here are five ways we've seen successful HDD companies make businesses function more smoothly and create lasting success, followed by an example of what to look for in on specific type of tool, the backreamer. 

Read More

A world first: JCB TELESKID

The JCB Teleskid is a new machine that can reach 60 percent further forward than a standard skid steer. It is also the only skid steer in the world that can dig below its chassis to a depth of around one metre. 

Read More

New PTO-driven options available for vacuum excavators

McLaughlin has extended its Vermeer MEGA VAC vacuum excavator product line with new PTO-driven options. The Vermeer VXT truck series was developed in response to industry requests for a productive vacuum excavator that meets weight regulations and that is backed by the support of the Vermeer dealer network.

Read More

Tags
Industry News

Remote charging stations allow drones to handle long-range data collection missions

SkyX has installed its first production xStation, a unit that remotely recharges SkyX drones during missions. The xStation is a rugged, all-metal piece of engineering designed to allow the SkyOne drone to remotely recharge while monitoring long-range infrastructure, then continue its mission. By installing multiple xStations along a route, SkyOne can monitor assets like oil and gas pipelines or railroad tracks that stretch hundreds - even thousands - of kilometres.

Read More

Vibratory plow aids in range of installations

Ditch Witch, a Charles Machine Works Company, has released the new, compact VP30 vibratory plow to help operators efficiently install a variety of residential utility products in tight spaces and with minimal surface disruption. From fibre to small irrigation pipe, the unit is the ideal, cost-effective solution for product installation beneath residential properties.

Read More

Cat M315F & M317F Wheeled Excavators Deliver Job Site Agility, Reliable Performance, Low Cost Operation and Operator Convenience

The new Cat M315F and M317F compact radius wheeled excavators are additions to the recently launched Cat F Series wheeled excavator range. The new models make no compromise in power, performance, or stability, compared with their non-compact counterparts, and feature large working envelopes, high breakout forces, and high lifting capacities.

Read More

Tags
Industry News

Ritchie Bros. and IronPlanet Secure Unconditional Antitrust Clearance from the U.S. Department of Justice; Acquisition is Expected to Close in the Next Few Weeks

Ritchie Bros., has announced the receipt of unconditional antitrust clearance from the U.S. Department of Justice for the proposed acquisition of IronPlanet, an online marketplace for heavy equipment and other durable assets. Ritchie Bros. outstanding brand reputation and high degree of customer trust, coupled with IronPlanet's digital prowess built on user friendly technology, will provide multiple product and channel offerings to customers.

Read More

Volvo CE unveils 100% electric compact excavator prototype

Volvo Construction Equipment (Volvo CE) unveiled its latest concept machine – known as the EX2 – to industry specialists, policymakers, the media and academics at the Volvo Group Innovation Summit on Tuesday May 16th. The 100% electric compact excavator prototype delivers zero emissions, 10 times higher efficiency, 10 times lower noise levels and reduced total cost of ownership compared to its conventional counterparts. It is believed to be the world’s first fully electric compact excavator prototype. 

Read More