Atlas Engineered Products Ltd. announces acquisition of Penn-Truss MFG Inc.
July 25, 2025
by CM Staff
Atlas Engineered Products said that the location and equipment that Penn-Truss had were key considerations in this acquisition.
NANAIMO — Atlas Engineered Products announced that the Company has completed the acquisition of Penn-Truss MFG Inc. located in Saltcoats, Saskatchewan, Canada. Penn-Truss is a manufacturer of roof and floor trusses and a supplier of engineered wood products.
“I am excited to announce the acquisition of our 10th manufacturing facility and our 1st facility in Saskatchewan. This acquisition expands our national footprint with more coverage through the Canadian Prairies,” said Hadi Abassi, CEO, President and Founder of the Company. “Penn-Truss in Saskatchewan is close enough to our South Central facility in Manitoba that they can share some resources and build synergies that will increase efficiencies in the Prairie market. The market across Saskatchewan and Manitoba has picked up significantly since the beginning of 2025 and we look forward to the overall growth potential Penn-Truss will bring to the AEP group.”
The acquisition of Penn-Truss was completed effective July 24th, 2025. To acquire all the issued and outstanding shares of Penn-Truss, the Company paid a purchase price of $3.8 million with a working capital adjustment to be determined and finalized within 60 days of closing date of the SPA. The purchase price will be paid for as follows: $760,000 in cash nine months post closing (subject to the working capital adjustment), up to $760,000 in cash or shares of AEP at the discretion of AEP based on the performance of Penn-Truss for fiscal 2025, and the remaining in cash at closing.
In the fiscal year ended December 31, 2024, Penn-Truss generated just over $8.7 million in revenues and non-IFRS financial measure normalized EBITDA of approximately $500,000. The three-year average non-IFRS financial measure normalized EBITDA was approximately $955,000, resulting in a 3.98x EBITDA for the business operations.
Atlas Engineered Products said that the location and equipment that Penn-Truss had were key considerations in this acquisition. The site reportedly broadens AEP’s national presence, marking its initial entry into Saskatchewan with an established 600km delivery radius based on historical business patterns. In a statement, Atlas Engineered Products also said that it “has also identified significant opportunities for organic growth through wall panel manufacturing and market expansion.”
