Wajax Corporation acquires Tundra Process Solutions Ltd. for $99.1 million

On Dec. 30, 2020, Wajax Corporation ("Wajax") entered into a definitive share purchase agreement to acquire Tundra Process Solutions Ltd. ("Tundra") from the shareholders of Tundra for a total consideration of $99.1 million, payable partially in cash ($74.6 million) and the remainder through the issuance of common shares of Wajax to the shareholders of Tundra. The acquisition was completed on Jan. 22. As part of the transaction, all key members of Tundra’s senior management team will continue in their present roles.

Founded in 1999, Calgary-based Tundra provides maintenance and technical services to customers in the western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. Tundra also distributes a diverse range of industrial process equipment, representing manufacturers of valves and actuators, instrumentation and controls, motors and drives, control buildings, boilers and water treatment solutions. Employing approximately 150 people, Tundra operates four facilities in Alberta: Calgary, Edmonton (two locations) and Grande Prairie. Tundra also maintains a local sales presence in Fort McMurray and Red Deer, Alberta; Vancouver and Fort St. John, B.C.; and southern Saskatchewan.

Founded in 1858, Wajax is one of Canada’s longest-standing and most diversified industrial products and services providers. Wajax 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 transaction is expected to provide meaningful growth in Wajax’s Engineered Repair Services and industrial parts categories, as Tundra’s operations are complementary to Wajax’s existing businesses.

An in-house legal team represented Wajax, led by
Andrew Tam (general counsel and corporate secretary),
Rosalind Pyper (legal counsel).

Norton Rose Fulbright Canada LLP assisted the in-house legal team representing Wajax with a team led by
Solomon Sananes
Justin Ferrara
and which included
Jennifer McPherson,

Kate Stevens,
Niall Roe (corporate/M&A),

Rujuta Patel,
Lauren Stelck (competition),

Darren Hueppelsheuser,
Elisabeth Trotter (tax),

Peter Wiazowski,
Victoria Riley,

Coco Chen (banking).

Bennett Jones LLP advised Tundra with a team led by
Bryan Haynes
and which included

Beth Riley
Steven Bodi,

Zach Johnson (corporate/M&A),
Jeremy Russell (banking),

Scott Bodie
Sebastien Gittens (intellectual property),

John Gilmore
Ron Barron,

Samantha Lush (real estate).

Masuch Law LLP also advised Tundra with a team led by
Anton Q. Suberlak,
and which included

Michelle Bullas (tax),
Mary-Jayne Assaly (real estate),

Rick Seibel (tax),
Shannon Miller (corporate).