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05 September 2013

Mosaic Capital Corporation Completes Acquisition of Industrial Scaffold Services

On September 1, 2013, Mosaic Capital Corporation (“Mosaic”) completed the acquisition of a majority interest in the business being carried on by Industrial Scaffold Services Limited (“Industrial Scaffold”). Industrial Scaffold is a leading provider of worksite surface and access scaffolding solutions to industrial and commercial customers in the energy & utilities, pulp & paper, mining and marine sectors in western Canada. Industrial Scaffold is based in Crofton, B.C. and has offices in Fort St. John, Kitimat and Victoria.

The closing of the acquisition resulted in Mosaic becoming the owner of 67.5% of the business. Mosaic’s cost of acquisition was approximately $16,000,000 subject to typical post-closing adjustments, and was funded through a combination of cash and $3.0 million of vendor take back financing. The acquisition of Industrial Scaffold is Mosaic’s first acquisition in British Columbia and follows the continued execution of Mosaic’s strategic plan of partnering with excellent management of great businesses with growing sustainable free cash flow and operating within an industry offering growth potential.

Mosaic was represented by Farris lawyers Thierry Keable and Lisa Andrews (corporate and securities), Michael Korbin and Alex Mitchell (labour and employment) and Ron Dueck (tax).

To view the full press release, please click here.

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