Langley-based Britco has been sold.

Britco bought by Vancouver equity fund

Vice-president to take top job at Langley builder

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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Guilty verdict for one of two men in large illegal marijuana grow-operation in Chilliwack

Charges dismissed against property owner where 3,200 plants, 32 kgs of dried weed found in 2017

Cubs rescued, hunter fined after sow shot in Skagit Valley

Officers opt for fines, as hefty punishment could prevent hunter cooperation in future

95-site RV camping to be built in Manning Park

RV park one of first to be built in a provincial park

Search continues for person seen floating in Coquihalla River in Hope

Rescuers halted the search Thursday night as darkness fell

Missing Chilliwack woman has not been in contact with family for several months

The RCMP are asking for the public’s help in locating 35-year-old Chantelle Chenier of Chilliwack

13 new B.C. COVID-19 cases, Langley Lodge outbreak ends

Health care outbreaks down to four, 162 cases active

B.C. teacher loses licence after sexual relationships with two recently-graduated students

The teacher won’t be allowed to apply for a teaching certificate until 2035

White-throated sparrows have changed their tune, B.C. study unveils

Study marks an unprecedented development scientists say has caused them to sit up and take note

Greater Vancouver home sales start to tick up, with prices holding steady

Residential sales last month reached 2,443, a 64.5 per cent jump from May

Langley Lodge’s deadly outbreak declared over

Fraser Health and long-term care home administrator confirm Friday declaration

PHOTOS: South Surrey tractor project evokes ‘$1-million smile,’ helps connect neighbours

Retired Surrey firefighter Ron Henze began project for friend’s dad to fill time during pandemic

Alberta health minister orders review into response after noose found in hospital in 2016

A piece of rope tied into a noose was found taped to the door of an operating room at the Grande Prairie Hospital in 2016

B.C.’s major rivers surge, sparking flood warnings

A persistent low pressure system over Alberta has led to several days of heavy rain

Most Read