Redcap&Truss acted as exclusive financial advisor to the ownership of Joe Loomis Trucking Ltd. (“JLT”) on its sale to CEDA.
Founded in 2006, JLT operates a high quality fleet of hydro vacuum and combination vacuum units from its base of operations in Dawson Creek, British Columbia. The team at JLT is dedicated to providing a first class customer experience based on safety and integrity to oil and gas operators throughout the region.
With approximately 2,000 employees, CEDA is a leading industrial services company providing maintenance, turnaround, construction and project services to clients in the oil & gas, pipeline, power, pulp & paper, chemical, mining, municipal and steel markets for over 44 years. CEDA has offices throughout North America, and delivers more than 120 distinct services to support critical operations at its clients’ facilities. CEDA is committed to delivering world-class solutions through innovative technologies, equipment and processes, always with safety top of mind.
Redcap&Truss acted as the exclusive financial advisor to JLT’s shareholders and facilitated the sale by:
- Analyzing JLT’s financial statements, asset list and its service offering (both historical and future) and developing an initial estimate of sale value
- Developing a sales strategy, creating the marketing plan and identifying and approaching prospective buyers (both strategic buyers and private equity firms)
- Providing JLT’s shareholders with an analysis of the various proposals offered and making recommendations on the pros and cons of each
- Quarterbacking all due diligence and documentation communications required between all the potential buyers, accountants and lawyers involved in the transaction
- Negotiating the final LOI (letter of intent) and PSA (share purchase and sale agreement) with CEDA
“We had a unique process where we almost sold to one group, realized it wasn’t the right party or time, continued to run our business and eventually sold to CEDA two years later. The Redcap&Truss guys worked with us all through that time, continued to monitor the market and narrowed the list of potential buyers until we were satisfied that CEDA was the right fit. The guys took care of managing all the paper work and I was able to manage and continue to grow my business during the entire process.” – Joe Loomis, majority shareholder of Joe Loomis Trucking Ltd.
If you are interested in learning more about selling your business, the current market environment or are looking to acquire, please contact us.