VenVest buys 4 Canadian contractor companies
The four businesses have combined sales of more than $24 million Canadian ($20 million U.S.). Financial details of the acquisition were not disclosed.
For the purchase, VenVest created a new joint venture company called AirTime Canada ULC. Vaughn Goettler, previously the president of Union Energy, will serve as CEO, and Bruce Cook, previously the COO of Union Energy, will be the new company's president and COO.
"This deal is very strategic for our company," said Jim Abrams, CEO of VenVest. "Through our consulting work with Union Energy over the years, we saw the opportunity and growth potential of their HVAC businesses."
The four businesses that are now part of AirTime Canada include Boonstra Residential Heating and Cooling in Hamilton, Ontario; St. Cathatrines, Ontario-based Mr. Furnace; 21 Degrees in Kingston, Ontario; and Furnasman, Winnipeg, Manitoba.
Each business will retain its name, officials said.