Crane and heavy lifting and hauling provider Entrec, Spruce Grove, Alberta, Canada, has signed a definitive agreement to acquire a 100-percent interest in GT’s Crane and Transportation Services and its operating subsidiaries. GT, based in Grande Prairie, Alberta, operates a fleet of 45 cranes, including all-terrain, rough-terrain and picker trucks, 130-multi-wheeled trailers and 50 tractors.
GT’s has invested heavily in growing its equipment base over the past two years and now owns a modern fleet with a current average age of less than four years and fair value of about $37 million. GT’s operations include Grande Prairie, White Court, and Leduc, Alberta, as well as Dawson Creek and Fort Nelson, B.C.
“With the combined operations of Entrec and GT’s, we believe we will be well-positioned to capture a significant portion of planned future investments in liquefied natural gas-driven infrastructure within these regions,” said John Stevens, Entrec’s president and chief operating officer. “This is in addition to the strong market position we already enjoy in Northwest B.C. where many of the proposed LNG facilities will be constructed. The acquisition is also expected to be immediately accretive to our earnings per share for fiscal 2013, even before accounting for significant annual operating synergies.”
Entrec has revised its capex budget to $53 million, previously planned at $50 million.
