Newalta Corporation

Newalta Corporation

February 27, 2015 18:10 ET

Newalta Completes Sale of Industrial Division

CALGARY, ALBERTA--(Marketwired - Feb. 27, 2015) - Newalta Corporation ("Newalta") (TSX:NAL) announced today the completion of the sale of its Industrial Division to Revolution Acquisition LP (Revolution), a Birch Hill Equity Partners company, for cash proceeds of $300 million plus the assumption of certain decommissioning liabilities. Proceeds from the sale will immediately be used to pay down Newalta's debt and to support the 2015 capital program.

"The sale of the Industrial Division significantly strengthens our balance sheet and provides financial flexibility ahead of a challenging year in our industry. It also enables Newalta to concentrate all of our resources and capital on the core growth opportunities available to us as a pure play energy services company," said John Barkhouse, President and CEO. "We are pleased with the outcome of the sale and wish the Industrial Division success under the new ownership of Birch Hill."

Effective today, the Industrial Division becomes a stand-alone entity, under the new name Terrapure Environmental. The company has 900 employees and includes a head office in Burlington, Ontario, and over 35 locations across Canada. Terrapure will continue to serve customers in various industry sectors from coast to coast. Former Newalta Senior Vice President Todd Moser will now lead Terrapure as President and CEO.

About Newalta:

Newalta is a leading provider of innovative, engineered environmental solutions that enable customers to reduce disposal, enhance recycling and recover valuable resources from oil and gas exploration and production waste streams. We serve customers onsite directly at their operations and through a network of locations in Canada and the U.S. Our proven processes and excellent record of safety make us the first choice provider of sustainability enhancing services to oil and gas customers. With a skilled team of people, two decade track record of profitable expansion and commitment to commercializing new solutions, Newalta is positioned for sustained future growth and improvement. Newalta trades on the TSX as NAL. For more information, visit

About Birch Hill Equity Partners:

With $2 billion in capital under management, 20 partner companies and 33 fully realized investments since 1994, Birch Hill is the leader in long-term value creation in the Canadian mid-market. As a group, Birch Hill's partner companies represent one of Canada's largest corporate entities with over $5 billion in total revenue and more than 30,000 employees. For more information about Birch Hill Equity Partners, please visit

This press release contains forward-looking information. More particularly, this press release contains forward-looking information relating to Newalta's business prospects and strategy including related capital expenditure programs and timelines, realization of anticipated benefits from the sale of the Industrial Division, including the ability to reinvest net proceeds of disposition in a timely and efficient manner, and the realization of anticipated benefits of growth capital investments. Although Newalta believes that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on it because Newalta can give no assurance that it will prove to be correct. Forward-looking information is based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Newalta and described in the forward-looking information contained in this press release. Among the various factors that could cause results to vary materially from those indicated in the forward-looking information include: general market conditions of the industries we service; strength of the oil and gas industry, including drilling activity; fluctuations in commodity prices; and the success of our growth strategies. Readers should also be aware that the forward-looking information is affected by the risk factors described in Newalta's annual information form and those set forth from time to time in Newalta's other continuous disclosure filings with Canadian securities regulatory authorities, which are available under Newalta's SEDAR profile at

The forward-looking information contained in this press release is made as of the date hereof and Newalta undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Investors:
    Anne M. Plasterer
    Executive Director, Investor Relations
    (403) 806-7019

    Stephen W. Lewis
    Executive Director, Corporate Communications
    (403) 806-7012