A Nanaimo-based roof-truss manufacturer has acquired a competitor in Lantzville in a deal worth $9 million.
Atlas Engineered Products announced this week the purchase of the assets and land of Hi-Tec Industries, which builds trusses and sells engineered wood products such as floor joists and beams to the construction industry throughout Vancouver Island.
Atlas said it acquired all shares of Hi-Tec for $5.8 million and the land and buildings of the company for $3.25 million after an independent appraisal.
Atlas, a publicly traded company, has been buying companies in Canada’s truss and engineered products industry to create a national network serving regional construction markets. The company now has seven companies under its umbrella in B.C., Manitoba and Ontario.
Hadi Abassi, president and chief executive of Atlas Engineered Products, called Lantzville’s Hi-Tec a successful, well-run business, adding that when the acquisition opportunity arose “it was too good to pass up.”
The companies are within a 15-minute drive and the deal will provide “unique synergies from labour to shipping to equipment and more,” Atlas said in a statement.
“The future with our Atlas Building Systems location and additional customer base for product expansion is exciting and our team is looking forward to this integration moving forward,” Abassi said in a statement.