ST. ALBERT, ALBERTA--(Marketwired - July 7, 2016) - Enterprise Group, Inc. ("Enterprise," or "the Company") (TSX:E) is pleased to announce that, further to the Company's news release dated June 13, 2016, Enterprise has closed the transaction to divest substantially all of the assets of T.C. Backhoe & Directional Drilling Ltd. ("TCB") to TC Infrastructure Services Ltd., a wholly owned subsidiary of Quanta Services, Inc.
Gross cash proceeds from this transaction will be approximately $20.0 million, subject to post-closing adjustments. Gross proceeds include working capital as described in the June 13, 2016 release. All proceeds from this transaction will be deployed towards reducing Enterprise's debt.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily construction services and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. More information is available at the Company's website, www.enterprisegrp.ca.
Forward Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "anticipate", "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. In particular, this news release includes forward-looking information regarding post-closing adjustments and the use of proceeds resulting from the disposition of TCB assets. These forward-looking statements are based on assumptions and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including general economic conditions, industry conditions, volatility of commodity prices and competition. Actual future results may differ materially. The Company's annual information form for the year ended December 31, 2015 and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.