Enterprise group sells Calgary Tunnelling & Horizontal Augering28 March 2018
Canada - Enterprise Group, announced March 26 that it has closed the previously reported sale of the assets of its trenchless solutions business unit, Calgary Tunnelling & Horizontal Augering (CTHA), to a private arm’s length purchaser.
Acquired in June 2013 for CAD 12M (USD 9.3), over the course CTHA generated approximately CAD 60M (USD 47M) in profitable revenue to Enterprise, it said.
Gross proceeds of the transaction are CAD 20.6M (USD 16M) pursuant to post-closing working capital adjustments. All proceeds from this transaction will be deployed towards reducing Enterprise’s debt, placing the company in the position of being net debt free.