en.Wedoany.com Reported - Hiab will acquire Canadian garbage collection vehicle manufacturer Labrie Environmental in a debt-free cash transaction valued at $1.04 billion, with the counterparties being Wynnchurch Capital and minority shareholders. Hiab will finance the transaction through Danske Bank and OP Corporate Bank.

Founded in 1971 and headquartered in Lévis, Quebec, Canada, Labrie operates under three product brands: Labrie, Wittke, and Leach. The company has an annual revenue of $491 million and an operating profit of $71 million, with four production bases in Canada, the United States, and Mexico, employing a total of 1,200 people.

Hiab CEO Scott Phillips stated that the acquisition of Labrie Environmental is a significant milestone in its profitable growth strategy. Labrie is an attractive and growing market leader in waste collection and recycling, one of Hiab's four key focus areas. This acquisition will support Hiab's ambitions to grow in North America and increase service revenue, while providing both companies with access to new resources and technologies. The transaction is expected to immediately enhance cash generation capabilities upon completion and open up new growth avenues.

Labrie CEO Michael Eastabrook said that joining Hiab will provide Labrie with a comprehensive global platform to accelerate technology development and growth.

The acquisition is expected to close in the third quarter, subject to regulatory approvals and satisfaction of closing conditions.

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