The two men who built Langley-based Britco into one of Canada's largest designers and manufacturers of modular buildings will be stepping aside under the terms of a $93 million purchase by the Vancouver-based WesternOne Equity Income Fund.
A written statement released by WesternOne said co-founders and current owners Rick McClymont and David Taft will remain as consultants during the takeover of Britco Structures LLP and Britco Leasing Ltd., while Britco Executive Vice President Mike Ridley will become president.
McClymont and Taft will get a portion of profits above a certain threshold for 12 months after the deal closes June 30.
The announcement described Britco as "one of the largest Canadian designers and manufacturers of commercial portable and permanent modular buildings [which also] owns one of the largest rental fleets of modular buildings in western Canada with approximately 1,200 buildings."
Most of the purchase, $75 million, is being funded by a syndicate of underwriters co-led by Dundee Securities Ltd. and National Bank Financial Inc., including Canaccord Genuity Corp., CIBC World Markets Inc., HSBC Securities (Canada) Inc., Raymond James Ltd., Macquarie Capital Markets Canada Ltd., Union Securities Ltd. and M Partners Inc.
Britco was established by McClymont and Taft in 1977.
The company has two large production facilities located in Agassiz and Penticton.
Britco also has one of the largest lease fleets of temporary offices, construction site trailers and storage containers in western Canada. It employs over 300 people and is headquartered in Langley, with branch offices in Nanaimo and Kelowna and a sales office in Calgary.
Britco designs and manufactures a wide variety of portable and permanent modular buildings, including work force accommodations, motels, seniors housing, office complexes, day care facilities, classrooms, construction site buildings and sales centres.
Inset picture: Mike Ridley