Portable structures maker Weatherhaven and new investor Fulcrum hope Canada's Defence Procurement Strategy includes them
VANCOUVER—Fulcrum Capital Partners Inc., a Vancouver-based private equity investor, has acquired a majority interest in defence-sector darlings Weatherhaven Global Resources Ltd.
Weatherhaven—also based in Vancouver—manufactures redeployable shelter systems used to construct forward-deployed field hospitals, exploration bases or training bases for military operators and non-governmental organizations.
The transaction with Fulcrum which will see the Canadian-based private equity firm acquire a majority interest in the Canadian defence and infrastructure company.
The founding shareholders will assume an advisory role while the current senior management team, including CEO Ray Castelli, leads the Company through this next phase of growth.
“We made a deliberate decision to remain 100 per cent Canadian-owned and operated despite receiving compelling offers from strategic and financial buyers outside of Canada,” says Weatherhaven CEO Ray Castelli.
Last year, Weatherhaven sought financing partner. While more than a dozen competitive bids were received from around the world, Weatherhaven says it ultimately chose Fulcrum Capital due to its Canadian heritage and proven track record of growing small and medium-sized companies.
“Fulcrum is excited to invest in Weatherhaven alongside current management and to play a role in maximizing the growth potential of this innovative shelter solution provider,” says Fulcrum Capital Partner Michael Berkson. “We have been tracking Weatherhaven for the past five years and the timing of this investment is ideal as the potential global market opportunity for Weatherhaven’s innovative shelter solutions and mobile camp designs has never been greater.”
Weatherhaven has experienced more than 400 per cent growth in the past six years.
“Our decision was influenced by Canada’s announcement of a new Defence Procurement Strategy (DPS) in February and we are confident that Weatherhaven can become an example of how to serve the long-term needs of our defence department while leveraging our innovative products and solutions into substantial global export growth,” says Castelli.
Weatherhaven Global Resources Ltd., headquartered in Burnaby, B.C., supplies soft-wall and container-based shelter systems for key military, commercial, government and medical applications worldwide.
Fulcrum Capital Partners Inc. is a Canadian-based middle market private equity firm with offices in Vancouver, B.C. and Toronto, ON. It investments in manufacturing, services, consumer products, distribution, food and retail companies.