VEGREVILLE, AB, Sept. 19, 2017 /CNW/ - TerraVest Capital Inc. (TSX:TVK) (the "Company" or "TerraVest") announced today that a wholly-owned subsidiary of the Company has acquired all of the assets of Fischer Tanks LLC and affiliated companies (Fischer), a privately-owned Kaleva, Michigan based company primarily focused on refurbishing and manufacturing domestic propane tanks for the US and Canadian Markets. It also has its own fleet of trucks and trailers.
The acquisition of Fischer enhances TerraVest's position as a leader in the North American propane industry, providing customers with full scope services including the manufacturing of domestic propane tanks, large storage vessels, trailers and bobtails as well as the refurbishment of used propane tanks.
According to Doug Fischer, General Manager of Fischer, "Joining forces with TerraVest is a natural fit that allows us to provide customers with additional products and services from TerraVest's market leading propane subsidiaries. Tank refurbishment complements TerraVest's current product offerings and I feel confident that we will ensure the continuity at Fischer by maintaining jobs, upholding product quality standards, caring for clients, and building out our expertise for customers."
Dustin Haw, CEO of TerraVest, added that "Fischer Tanks is a great addition to our company and I am pleased to welcome Fischer employees. Fischer is an industry leader in propane tank refurbishing. This acquisition aligns well with our core competencies and greatly enhances our product offering to customers."
About TerraVest Capital Inc.
TerraVest Capital is an Industrial Manufacturer focused on acquiring businesses with strong cash flow generation, operating success, strong balance sheets and committed management teams. We are focused on creating value for shareholders through our existing lines of business as well as acquiring additional businesses with stable cash flows and potential for growth through our support. The Company is focused on evaluating opportunities that reside manufacturing of tanks and fuel containment vessels as well as the fabrication of oil and gas processing equipment where expertise in metal fabrication and welding are required.
SOURCE TerraVest Capital Inc.
Dustin Haw, TerraVest Capital Inc., Chief Executive Officer, (416) 855-1928, [email protected]
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