by Jonathan McGaha | January 23, 2011 12:00 am
Vicwest Income Fund, Oakville, Ontario, has entered into an agreement to acquire a majority interest in All Weather Insulated Panels, a well-known American manufacturer of insulated metal panels for industrial, commercial and cold storage applications.
Headquartered in Vacaville, Calif., All Weather provides customers with a broad line of wall and roof panels, produced in a state of the art facility, and a full range of complementary trims and accessories. Since plant commissioning in 2007, All Weather has generated annual sales in the range of $15 to 20 million and has overall manufacturing capacity of $40 to 50 million.
Vicwest’s investment will be in the form of a debenture, convertible at Vicwest’s direction to common shares having an equity value of 56 percent of All Weather, and will include rights to intellectual property and patents and a five-year call option to purchase the remaining minority ownership interest at a formula based upon earnings. The Fund will pay $5 million from its existing cash balances to acquire its interest in All Weather. The investment remains subject to All Weather’s satisfaction of a limited number of conditions in favor of the Fund, including certain third-party consents. The transaction is expected to close later this month.
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