Ottawa-based Clearford Water Systems announced Wednesday it had purchased a 90.5 per cent share of Toronto’s UV Pure Technologies in a deal worth $2.5 million.
UV Pure is a manfacturer and distributor of ultraviolet systems for water purification. Clearford is a distributor of UV Pure’s products in Columbia, and sees the acquisition as a strategic addition to its wastewater collection and treatment system.
“Our experience as Colombia distributor has demonstrated that there is a robust worldwide market for this technology…We look forward to introducing UV Pure to India and other international markets,” Clearford CEO Kevin Loiselle said in a statement.
(Sponsored)
‘Prenup of business law’: Reasonable expectations in shareholder disputes
The scenario: You’re a 60 per cent shareholder. Your business partner holds the other 40 per cent. And you’ve just found a third party who wants to buy you out.
Desjardins Elevator Pitch Competition drives entrepreneurial energy at uOttawa
In uOttawa’s Desjardins Elevator Pitch Competition, a single team member stands before the judges, pitching for three minutes, fielding questions for five. There are no decks, notes, props or prototypes
UV Pure president and CEO, Richard Vansant, said he was excited at the opportunity to grow market position with Clearford.
“The technologies of both companies are targeted toward distributed treatment applications for municipal, industrial and commercial customers, the fastest growing segment of the global market,” Mr. Vansant said in a statement.
UV Pure’s management team will continue to own 9.5 per cent of the company and will run it as a Clearford subsidiary.
The transaction is expected to close Dec. 10.
