| Seacliff completes Canem West acquisition |
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Seacliff Construction Corp. has completed its acquisition of Canem West Services Inc. and Canem West Operations Inc. (Canem West), an independently owned electrical and data communications contractor based in Vancouver, B.C. Seacliff says the $8-million acquisition strengthens the competitive position of Canem Systems (Canem), its existing electrical and data communications contracting arm. “This acquisition is highly complementary to our existing business,” said Bill Crarer, Seacliff’s CEO. “Together, Canem and Canem West will be able to deliver a broader range of electrical and data communication services to more customers in more locations across B.C. and Alberta.” The successful completion of the acquisition more than doubles Canem’s Vancouver team, with the addition of about 75 skilled field technicians and 11 office staff. As a result, Canem is now positioned to bid on much larger contracts, including public-private-partnerships (P3s). In the near term, Canem West will operate as a separate division of Canem, with full integration expected by late this year. Canem West was incorporated as a fully independent business in 1997 following a strategic reorganization at Canem Systems. Since then, it has become a provider of next-generation electrical and data communication solutions to a blue-chip institutional and commercial client base. Long-term customers include BC Hydro, the Workers’ Compensation Board of B.C. (WCB), the Insurance Corporation of British Columbia (ICBC) and Bentall LP. Seacliff intends to continue growing its business through the strategic acquisition of other general and electrical contracting companies. “With no debt and over $100 million cash on our balance sheet, Seacliff has significant resources to deploy,” said Bill Crarer, adding the company is currently evaluating a number of acquisition prospects. Seacliff’s business is conducted through two business units: Dominion Construction, a general contractor, and Canem Systems, an electrical contractor. CLICK HERE to visit Seacliff. |
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