Direct Energy Marketing Limited sells its Airtron Canada business to GDI Integrated Facility Services Inc.
November 14, 2016
19.50 Million CAD
On November 14, 2016, GDI Integrated Facility Services Inc. announced that it has, along with its wholly-owned subsidiary Ainsworth Inc., completed the acquisition of Direct Energy Business Services Limited, doing business under Airtron Canada ("Airtron"), a subsidiary of Direct Energy Marketing Limited. Ainsworth acquired Airtron for a purchase price of approximately C$19.5 million including vehicle leases, and will be subject to certain closing adjustments including working capital. The acquisition was funded through GDI's existing credit facilities, C$4.5 million of vehicle leases and a balance of sale.
Airtron is a leading provider of HVAC, building automation and energy efficiency services, with approximately 400 employees and operations across Canada. The acquisition of Airtron expands Ainsworth's services portfolio and will strengthen GDI's Technical Services segment, creating a business with pro-forma revenue of approximately C$225 million and more than 1,200 employees across the country.
McCarthy Tétrault acted as Canadian counsel to Direct Energy Marketing Limited with a team led by David Woollcombe that included Heidi Gordon, David Badour, Patrick McCay, Brian O'Neill, Jennifer Del Vecchio, Ben Aberant, Alfred Macchione and Julia Johnson.