A subsidiary of Vancouver's WesternOne Equity Income Fund (TSX:WEQ.UN) has acquired the assets of Alberta-based Sure-Fire Propane Ltd. and Davis Heater Service Ltd. for $24.4 million.
The acquisition of the equipment rental, construction heat and propane distribution business expands the WesternOne's presence in Alberta's construction and infrastructure markets, further diversifying the company's various revenue streams.
The company will pay for both companies using a combination of cash and debt financing under an existing credit facility. The deal is expected to be immediately accretive for WesternOne unitholders upon closing, which is expected October 1, 2008, subject to customary closing conditions.
WesternOne is an income trust aimed at expanding in the equipment and infrastructure-related sector in Western Canada.
Its unit price range during the past week: between $4 and $4.21; 52-week high: $5.05; 52-week low: $3.