Generational Equity Announces the Sale of the NEC Group to Northern Frontier Corp.
DALLAS, Oct. 23, 2013 /PRNewswire/ -- Generational Equity, a leading mergers and acquisitions advisor for privately-held, middle-market businesses, is pleased to announce the acquisition of its client, the NEC Group and certain assets used in the operation of the NEC Group's business, by Northern Frontier Corp. (TSX VENTURE:FFF.P) (the "Corporation" or "Northern Frontier"), a TSX Venture Exchange (the "TSX-V") listed capital pool corporation.
The NEC Group's corporate headquarters is located in Lac La Biche, Alberta and its field location is in Conklin, Alberta, both of which are central to the substantial industrial energy production developments in northeastern Alberta. The NEC Group provides sustaining capital services to large industrial energy customers in the steam assisted gravity drainage region of northeastern Alberta. Specifically, the NEC Group provides civil services related to the construction and maintenance of roads, production pads, piping corridors, facility earthworks and infrastructure. Service demand is driven by the need of producing facilities to replace depleting production wells and pads and develop the interconnecting infrastructure to transport produced hydrocarbons to central processing locations.
Northern Frontier is a Capital Pool Company ("CPC") that is traded on the TSX Venture Exchange ("TSXV") under the symbol "FFF.P". Northern Frontier Corp. was formed in late 2011, by a group of senior business people from western Canada and the pacific northwest of the U.S. and completed its initial public offering on February 13, 2012. Pursuant to the policies of the TSXV, the Corporation has not carried on any business other than for the identification and evaluation of businesses or assets with the goal of completing a Qualifying Transaction. In pursuing its Qualifying Transaction, Northern Frontier developed the strategic objective of creating large diversified industrial/resource services business through a buy and build growth strategy.
Managing Directors Stephen Crisham and Lori Galloway, together with affiliate Ted Rattenberry, led the Generational Equity deal team that advised the NEC Group on the transaction. Ted Rattenberry stated, "I commend both the sellers and the buyers as well as their respective advisors for their exemplary effort and collaborative conduct during the overall transaction process and in the negotiation of a mutually beneficial transaction structure."
Colette Benson, one of the selling shareholders of the NEC Group said, "The transaction achieves our objectives by enabling us to pursue other interests. At the same time, we are pleased to continue our involvement with the NEC Group on a more limited basis and partner with Northern Frontier who we are confident will be an excellent operator for the business."
Chris Yellowega, newly appointed President and Chief Executive Officer of Northern Frontier said, "We believe that the NEC Group's proximity to client operations, localized workforce and convenient infrastructure provides an advantage in the marketplace. When clients have need of immediate response from a local provider, the NEC Group is a natural choice. We anticipate that the market in which the NEC Group operates will have opportunity for growth and that the NEC Group provides a platform to help capitalize on this opportunity."
About Generational Equity
Generational Equity provides mergers, acquisitions, strategic growth advisory services, and information for privately held and family-owned businesses to exit their business successfully. Generational Equity uses a four-phase approach that includes education, financial analysis and reporting, sales documentation and deal-making ability to offer business owners an unparalleled level of commitment and experience, all focused on helping to release the generational equity and wealth in every business. Generational Equity is headquartered in Dallas, TX, has more than 200 professionals in North America, and was recently recognized by the M&A Advisor as the M&A Consulting/Advisory service firm of the year. For more information visit the following websites at www.genequityco.com, www.gecpress.com or http://blog.genequityco.com/.
For more information:
Rebecca Gruman
972-232-1100
[email protected]
SOURCE Generational Equity
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