Carmanah Technologies Completes Acquisition of Sabik Group of Companies
July 2, 2015
21.50 Million EUR
On July 2, 2015, Carmanah Technologies Corporation completed its acquisition of the Sabik Group of Companies (Sabik). Under the terms of the transaction, Carmanah acquired 100% of Sabik OY based in Finland, 100% of Sabik GmbH based in Germany, 100% of Sabik PTE Ltd. based in Singapore, 81% of Sabik Ltd. based in the United Kingdom and 80% of Sabik Offshore Ltd. based in the United Kingdom. A portion of the purchase price for the transaction was funded with debt financing from Canadian Imperial Bank of Commerce.
Headquartered in Victoria, British Columbia, Carmanah designs, develops and distributes industrial and commercial solar powered outdoor LED lighting systems, solar powered signaling systems for the marine, aviation, traffic and obstruction markets, solar powered energy systems for the mobile markets, and designs and installs PV rooftop and greenfield power plants.
Its solutions have been deployed in over 110 countries. Carmanah’s shares are listed on the Toronto Stock Exchange under the symbol “CMH”.
Headquartered in Porvoo, Finland, Sabik is a leading competitor in the worldwide marine aids to navigation market. Sabik also pursues the provision of sophisticated lighting and monitoring solutions for the offshore wind industry.
McCarthy Tétrault represented Carmanah on the acquisition and the debt financing with a corporate team consisting of Cameron Belsher, Pavan Jawanda, Maureen Gillis and Sebastian Nishimoto.