WesternOne Inc. announced the closing of the previously announced sale of its modular manufacturing assets and liabilities to Triple M Modular Ltd. for $2.5 million, and an additional $2.5 million contingent on earnings from the business sold for the 12-month period following the close of the transaction.
The acquisition marks the completion of WesternOne’s exit from the modular manufacturing and rental businesses, in addition to the completion of the sales of its modular space rental business and modular manufacturing operations in the United States.
“We are very pleased to have completed the sales process for the Britco business division in a timely manner, allowing us to focus on our WesternOne Infrastructure Services platform business in 2017 and beyond,” said Peter Blake, CEO of WesternOne. “We are now well positioned as we pursue growth opportunities in our construction heat and aerial rental business platform across the construction, infrastructure, film and television industries in Western Canada.”
