Vicwest Inc. announced it has executed its rights under a previously-announced convertible debenture investment and acquired 56% of the common shares of All Weather Insulated Panels.
Vicwest’s original investment in 2010 in All Weather was in the form of a debenture, convertible at Vicwest’s direction, to common shares having an equity value of 56% of All Weather, and includes rights to intellectual property and patents and a five year call option to purchase the remaining minority ownership interest based upon an agreed earnings formula.
Today’s acquisition of the majority position supports the Vicwest’s overall growth strategy, provides greater opportunities for IMP market expansion across North-America and capitalizes on recent business advancements between the two companies such as the commercialization of a third manufacturing facility in Little Rock Arkansas in 2012 and technology and best practice synergies that have standardized the North American IMP product offering. To ensure continued expansion of the business and product line, the founders of All Weather, Bill and Michael Lowery, will remain in key leadership positions with the Vicwest’s North American IMP Group
