Wilkinson Steel and Metals Inc. Completes the Sale of Assets to Samuel, Son & Co., Limited

VANCOUVER, April 30, 2013 /CNW/ - Wilkinson announced today that it has completed a sale of assets to Samuel, Son & Co., Limited effective April 30, 2013. Wilkinson is owned by the international private equity group, Nova Capital Management Ltd. who acquired the business in 2011 as part of a portfolio of five industrial businesses previously owned by Amalgamated Metal Corporation Plc.

Wilkinson is a steel and metal service center business that serves the natural resource based economies of the three Western Canadian provinces, dealing directly with:

• the forestry, mining and shipbuilding industries in British Columbia,
• the oil, gas and mining industries in Alberta, and
• the agricultural, mining, oil & gas industries in Saskatchewan.

Wilkinson offers a full range of products, processing services and delivery capabilities to companies directly engaged in the natural resources industries.

Bill Hughes, President of Wilkinson reiterated that "the acquisition by Samuel provides an excellent strategic and geographic fit that will best serve the interests of Wilkinson's existing customers, suppliers and employees, generating new opportunities and profitable growth."

Commenting on the transaction, Kath Jones, Nova's Toronto-based Investment Partner said "we have always felt that Wilkinson would benefit from being part of a larger steel services group and believe that Samuel will be an excellent owner of the business, bringing significant scale and cost efficiencies to Wilkinson."

Samuel and Wilkinson maintain complementary product lines with minimal customer and product overlap. Management believes Samuel will provide a well-suited long term strategic home for Wilkinson after many years of ownership by financial investors.

SOURCE: Wilkinson Steel and Metals Inc.