Mississauga, Ontario-based Strongco Inc. entered into a letter of intent for the sale of its Alberta Supplies and B.C. Supplies divisions to a group consisting of certain senior managers of these businesses and the merchant banking arm of a major financial institution.
The transaction, which is subject to normal due diligence procedures and the execution of a definitive purchase and sale agreement, is expected to close before June 30. The purchase price of approximately $29.5 [Is that U.S. or Canadian? Please check and provide U.S. numbers] million will result in Strongco recovering slightly more than its full investment in these divisions.
