Ottawa construction firm Bassi sells 70% stake for $24.5M

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An Alberta-based investment firm says it’s purchased a major stake in a local general contractor.

Ottawa-based Bassi Construction is a 50-year-old multidisciplinary firm with more than 120 employees specializing in construction, commercial renovations, tenant fit-ups and fire/flood repairs.

The company’s recent projects include an overhaul of the lobby inside the Sun Life Financial Centre at 99 Bank St., which will eventually connect to Ottawa’s light-rail line.

Earlier this week, Calgary-based Mosaic Capital Corp. (TSX-V: M) said it was buying a 70-per-cent stake in Bassi Construction and the Basscon Group for $24.5 million.

The remaining stake will be retained by Bassi president John Bassi.

In a statement, he said “Mosaic management's depth will make our firm even stronger and more competitive.”

Mosiac’s portfolio includes investments in oil and gas service companies, mechanical contractors, commercial property owners and a printing company, among others.

Its purchase of a stake in Bassi marks its first acquisition in Ontario, the company said.

Mosiac’s shares have been on the rise all week, gaining more than 15 per cent since the start of trading Monday to reach $7.26 on Wednesday afternoon.