Capital will help company with roots in the late 1800s to grow.
TORONTO: Two Toronto-based private equity funds have acquired Demers Ambulances, a Quebec manufacturing company that has customers in more than 20 countries.
Financial terms of the agreement weren’t included in the announcement from Demers, Ambulance Manufacturer Inc., which traces its history to the late 1800s.
The buyers are Westerkirk Capital and Ironbridge Equity Partners, both of Toronto.
“We are very pleased to partner with Westerkirk and Ironbridge,” said Alain Brunelle, president and general manager of Demers Ambulances.
“They have demonstrated an understanding of our business, an appreciation for what makes it special, and have the capital and expertise to allow us to continue to grow and serve our customers.”
Demers has its head office and main manufacturing plant in Beloeil, Que., about 40 kilometres east of Montreal, where it employs more than 150 people.
© 2012 The Canadian Press