MONTRÉAL — GDI Integrated Facility Services Inc. announced that it has entered into an agreement to acquire Ainsworth Inc., a subsidiary of CEDA International Corp.
Ainsworth is a Canadian provider of a range of technical services including mechanical maintenance, HVACR, electrical, and more for commercial, industrial, institutional, government, and residential building clients across Canada. Ainsworth has over 750 employees and operates through 12 locations with its head office in Toronto.
GDI is a leading commercial facility services provider offering a variety of services to building owners and managers including mechanical maintenance services.
GDI will acquire Ainsworth for a purchase price of approximately $20.5 million on a cash-free, debt-free basis, subject to certain closing adjustments including working capital. GDI will fund the acquisition through its existing bank credit facility, the assumption of capital leases, and a balance of sale.
The acquisition is subject to Competition Bureau approval, receipt of certain third party consents, as well as other customary closing conditions. Closing is expected during the second half of 2015.
“We are pleased to announce this strategic acquisition of Ainsworth, which will significantly enhance our service offering and value proposition to property owners and managers across Canada,” said Claude Bigras, president and CEO of GDI. “We believe the combination of GDI and Ainsworth will position us as one of the only companies capable of offering expertise in a broad range of facility maintenance services across Canada. We look forward to welcoming Ainsworth’s experienced team of executives and employees who will continue to lead and operate Ainsworth as part of the GDI family.”
Murray Leimert, president and COO of Ainsworth, said, “The dedication of our employees has enabled Ainsworth to be recognized as a leader in our field, and we view the combination with GDI as an opportunity to enhance our value proposition to our clients. I am proud to join GDI and am excited about the growth opportunities that will result from combining the efforts of our organizations.”
For more information about Ainsworth, visit www.ainsworth.com.
For more information about GDI, visit www.gdi.com.
Publication date: 8/17/2015