Wajax has entered into a definitive agreement to acquire all of the issued and outstanding shares of Calgary, Alberta-based Tundra Process Solutions in a cash and shares deal worth C$99.1 million ($78.2 million).

The transaction is expected to close early in the March quarter and is subject to customary closing conditions, Wajax said.

Founded in 1999, Tundra provides maintenance and technical services to customers in the western Canadian midstream oil and gas, oil sands, petrochemical, mining, forestry and municipal sectors. It also distributes a diverse range of industrial process equipment, representing manufacturers of valves and actuators, instrumentation and controls, motors and drives, control buildings, boilers and water treatment solutions.

Employing around 150 people, Tundra operates four facilities in Alberta: Calgary, Edmonton (two locations) and Grande Prairie. Tundra also maintains a local sales presence in Fort McMurray and Red Deer, Alberta; Vancouver and Fort St. John, British Columbia; and southern Saskatchewan.

Wajax said the acquisition of Tundra was expected to provide meaningful growth in the corporation’s Engineered Repair Services (ERS) and industrial parts categories, with its operations complementary to Wajax’s existing ERS and industrial parts businesses.

For the 12 months ended November 30, 2020, Tundra had revenues of about C$147.8 million.

Mark Foote, President and Chief Executive Officer of Wajax, said: “Tundra’s market leadership in process control provides Wajax with meaningful scale in ERS and related industrial parts in western Canada. In central and eastern Canada, Tundra’s technical capabilities and product and service range will provide new opportunities to further extend Wajax’s ERS services to our customers.

“Our complementary cultures of safety, customer service and product and service innovation translates into growth driven by a consistent vision of constantly increasing what we can do for our customers.”

Iggy Domagalski, Chief Executive Officer of Tundra, added: “Partnering with Wajax allows us to instantly grow our volumes by leveraging our combined customer relationships and branch networks. Existing Wajax customers will benefit from a broader range of valve, instrumentation and electrical products and services, and existing Tundra customers will benefit from Wajax’s extensive ERS portfolio and geographic footprint.

“We are excited to join Wajax and contribute to the goal of becoming Canada’s leading ERS provider.”