Canadian private equity firm Ardenton Capital Corp has sold its 50 percent equity stake in Interpro Technical Services Ltd, a Port Coquitlam, British Columbia-based specialist in field maintenance services for critical rotating machinery.
Terms weren’t released for the deal, which was wrapped up last month. Ardenton’s interest was acquired by Interpro CEO Carey Healey.
Interpro, acquired in 2010 by Ardenton Founder and CEO James Livingstone and a partner, was the firm’s inaugural investment.
Ardenton will use the proceeds of the sale to fund new majority acquisitions.
PRESS RELEASE
Ardenton Announces the Sale of its 50% Equity Interest in Interpro Technical Services Ltd.
January 09, 2019
Ardenton Capital Corporation (“Ardenton”) today announces that it has sold its 50% equity interest in Interpro Technical Services Ltd. (“Interpro” or the “Company”) to Interpro’s CEO, Carey Healey. The sale was completed on 31st December 2018.
Ardenton’s partnership with Interpro began in February 2010 and marked Ardenton’s first investment. Over the past 9 years, in collaboration with Mr. Healey, Interpro has gone from strength to strength, and the partnership has proven highly successful for all stakeholders.
The investment in Interpro was an important milestone for Ardenton, and the Company will always represent a fundamental part of Ardenton’s evolution. The proceeds of the sale will be used to fund the purchase of majority interests in new business opportunities.
“My partnership with James Livingstone, and what has evolved to become Ardenton, has been highly rewarding and I am very grateful for the support and guidance I received over the past nine years”, said Mr. Healey. “I wish nothing but continued success to the Ardenton team.”
Mr. Livingstone, Ardenton CEO, commented: “We thank Carey for his diligence and passion in successfully operating Interpro over the past 9 years. We wish Carey and the Interpro team continued success for many years to come.”
About Ardenton Capital Corporation: Ardenton is a global private business investment corporation, focused on meaningful business partnerships and long-term growth. Investing alongside passionate owners and management teams, Ardenton acquires controlling stakes in profitable, well-established, cash-flowing private businesses. Ardenton works to remove constraints for its business partners and provides operating and financial support with a long-term view on value creation. Ardenton has offices in Canada (Vancouver, Edmonton, Toronto, Guelph), the United States (Dallas, Philadelphia, Chicago) and the United Kingdom (Manchester, London).
About Interpro Technical Services Ltd.: Since 1987, Interpro Technical Services has specialized in field maintenance services for critical rotating machinery including steam and gas turbines, generators, and peripheral systems. Based in Port Coquitlam, BC, Interpro serves customers, including major companies, in the pulp and paper, oil and gas, and power utility industries across Canada.