ThermoKing of Eastern Canada (“TKEC”) is the largest distributor of mobile refrigeration units, parts and services in Canada. The Company operates in three geographic areas across eastern Canada and presented an important market opportunity for our client.
NewPoint was retained by Jonjo Transport Limited (“Jonjo”), a mobile refrigeration services business, as exclusive financial advisor for the acquisition of TKEC. NewPoint assisted the client with all aspects relevant to closing of the transaction including structuring the financing necessary to complete the purchase and the negotiation of related agreements.
TKEC was purchased by Jonjo Transport Limited from Ingersoll-Rand (“IR”). IR had purchased the distributor a few years earlier due to performance issues and ultimately wanted to find a purchaser that could stabilize and grow TKEC into a successful distributor. NewPoint structured and closed the acquisition and assisted with raising senior capital to support the purchase and provide liquidity to the business going forward.