Acquisition of two of Canada's leading independent disaster restoration providers
Toronto – TorQuest Partners announced today that it has acquired EW Disaster Kleenup Canada L.P. ("EW"), a newly formed entity that purchased the assets of Edenvale ("Edenvale") Restoration Specialists Ltd. and Woodhouse Contracting Ltd. ("Woodhouse"), two of Canada's leading independent disaster restoration providers. The current shareholders and management team will be significant owners in this new partnership and will continue to manage the business on a day to day basis.
This transaction unites two of the largest independent companies in the Canadian disaster restoration industry. Edenvale, with headquarters in Abbotsford, British Columbia, operates in the British Columbia Lower Mainland with operating branches in Burnaby, Chilliwack and Surrey. Woodhouse, with headquarters in Kitchener, Ontario, operates in Southern Ontario with operating branches in Stratford, Brantford, Guelph, Hamilton, Orangeville and Mississauga.
Both Edenvale and Woodhouse have been active members of Disaster Kleenup International (Canada) Ltd. (DKC), the largest network of restoration contracts in Canada. As part of the transaction, EW was successfully admitted as a new DKC member. "We are very pleased to welcome EW to the DKC Network and look forward to the unique skill set that TorQuest has to offer", says Matt Johnson, CEO of DKC.
Lyle Kerr, the newly appointed CEO of EW Disaster Kleenup L.P., will complement Allen Booth and Ken Woodhouse, the divisional heads of Edenvale and Woodhouse respectively. Lyle Kerr was the CEO of CNC Global, a former portfolio company of TorQuest and Canada's leading provider of IT staffing to a client roster that includes 40% of the companies listed on the S&P/TSX 60.
"The formation of EW has allowed two of the largest providers of disaster restoration services to come together to offer a better service offering to its customers. Allen Booth and Ken Woodhouse and their respective management teams have built exceptional organizations and this transaction should allow us the ability to start widening the footprint of the combined organization," said Lyle Kerr.
Alan Lever, a Principal at TorQuest partners, expressed his enthusiasm for the deal. "TorQuest has built its reputation on partnering with the incumbent management teams to drive value in established businesses. We look at the EW transaction as an opportunity to bring together two of the most established independent restoration providers in Canada and enhance the offering to its customers."
Founded in 2002, TorQuest Partners, Inc. is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management TorQuest seeks to pursue investments in middle market and later stage companies with the goal of building value through opportune acquisitions, strategic leadership and the timely use of financial expertise.
EW Disaster Kleenup L.P.
EW will be headquartered in Toronto, Ontario. EW is a full service restoration provider with expertise in water losses, wind damage, fire and smoke damage, sewer backup, hurricane and tornado restorations, odour control, contents handling, drying, electronic repairs, mould remediation, asbestos remediation, petroleum spills, infection control and general contracting.