Canadian Distributors Merge
May 26, 2009
Looking to aggressively expand, longtime Canadian distributors Stincor Specialties Ltd. (asi/336952) and Van-Smith Enterprises Ltd. (asi/351130) have merged their operations, creating a new Toronto-based company called Stincor Van Smith Marketing. Talks began last November in a deal aided by Hults Consultants, a firm that assists companies in completing mergers and acquisitions. "We had a desire to grow our companies and take advantage of the times by providing significantly more products and services," says Iain Walker, president of Stincor. "This is definitely an opportunity and we want to continue to be on the lookout for other mergers and acquisitions."
All of the employees from Stincor and Van-Smith have been retained. The new company employs a total of 17 staff workers and 21 salespeople. "We'll be able to offer services in Canada and the U.S.," says Clive Van Wert, president of Van-Smith. "We really have complementing synergies."
Combined, the companies generate annual revenues of $9 million CND (approximately $8 million U.S.), selling to a variety of industries, including the retail and environmental solutions markets. Stincor Specialties Ltd. was founded in 1981, while Van-Smith Enterprises Ltd. has been in business since 1975. Walker and Van Wert are working as leadership partners, with no defined management roles as of yet.