CALGARY—Canadian investment fund Mosaic Capital Corp. has announced it will buy a controlling interest in privately-held precision metal fabricator Mackow Industries.
Mosaic said it will pay $29.5 million for an 80 per cent stake in the more than 30-year-old Winnipeg business, while Mackow’s key management will remain in control of 20 per cent of the company.
“The team at Mackow has done an excellent job of positioning and growing the business,” Harold Kunik, Mosaic’s president said. This acquisition brings further industry and geographic diversity to Mosaic’s portfolio as well as direct participation in the compelling North American transit bus and motor coach industry.”
Mackow currently supplies bus maker New Flyer Industries, and works on a range of other custom fabrication work. The company employs approximately 115 at its Winnipeg plant.