TORONTO, Ontario — Wajax Corporation announced Jan. 31 that it has acquired the net operating assets of Thunder Bay, Ontario-based Process Flow Systems Ltd. (“Process Flow”). Pursuant to the terms of the acquisition agreement entered into between Wajax and Process Flow, the assets of Process Flow were acquired in exchange for cash consideration of approximately $3.96 million, plus a three-year performance-based earnout of up to $650,000 in the aggregate, payable in cash.
Founded in 1985, Process Flow is a specialist provider and engineered integrator of industrial process pumps, valves and monitoring and control systems. Serving customers in a range of industries, including mining, pulp and paper, water and wastewater management, and energy generation, Process Flow operates one branch location and employs four people.
Iggy Domagalski, President and Chief Executive Officer of Wajax, stated “We are pleased to welcome Process Flow to the Wajax family. With it comes long-established customer and supplier relationships, and a team highly regarded for their technical expertise and customer service. Aligning with Wajax’s Industrial Parts and Engineered Repair Services growth strategy, the addition of Process Flow enhances our industrial process capabilities for customers in Ontario.”
The transaction will be subject to normal post-closing adjustments.
Founded in 1858, Wajax is one of Canada’s longest-standing and most diversified industrial products and services providers. The corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities and oil and gas. The corporation’s goal is to be Canada’s leading industrial products and services provider, distinguished through its three core capabilities: sales force excellence, the breadth and efficiency of repair and maintenance operations, and the ability to work closely with existing and new vendor partners to constantly expand its product offering to customers.