- Published: 15 May 2016 15 May 2016
BRAMPTON, Ont. -- Brampton Brick Limited (TSX:BBL.A) (the "Corporation") has announced that it has, pursuant to court approval, completed the previously announced acquisition of substantially all of the assets of Eurobloq Inc., including its concrete products facility located in Boisbriand, Quebec.
The effective closing date of the transaction was April 9, 2016.
This acquisition allows the Corporation to add production and distribution capacity to meet the growing demand for its masonry and landscape products in the Quebec and eastern Ontario regions, and directly supports the Corporation in its initiatives to expand its product portfolio and its market share in the landscape and concrete masonry markets.
The purchase price for the assets excluding inventory and accounts receivable was $5 million. The transaction also included a loan of $500,000 made to an affiliate of the vendors.
The purchase price was financed via the Corporation's existing operating line and additional bank debt.
Brampton Brick is Canada's second largest manufacturer of clay brick, serving markets in Ontario, Quebec and the Northeast and Midwestern United States from its brick manufacturing plants located in Brampton, Ont., and near Terre Haute, Ind.
To complement the clay brick product line, the Corporation also manufactures a range of concrete masonry products, including concrete brick and block as well as stone veneer products. Concrete interlocking paving stones, retaining walls, garden walls and enviro products are manufactured in Markham, Hillsdale, Brockville and Brampton, Ont., and Wixom, Mich. These products are sold to markets in Ontario, Quebec, Michigan, New York, Pennsylvania, Ohio, Kentucky, Illinois and Indiana under the Oaks™ tradename.
Products are used for residential construction and for industrial, commercial, and institutional building projects.
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