Fero to acquire AVL Manufacturing
Fero International Inc. has signed a non-binding letter of intent to acquire AVL Manufacturing Inc.
HAMILTON—Fero International Inc., a provider of modular solutions across multiple sectors including healthcare, disaster relief, housing, aid and defence, has signed a non-binding letter of intent to acquire AVL Manufacturing Inc., a turnkey manufacturer, and Fero’s current Canadian manufacturer, with services in engineering, design, development and assembly of modular enclosures across multiple sectors, based in Hamilton, Ontario, Canada.
The closing of the acquisition will permit Fero to scale by leveraging AVL’s existing labour and intellectual property and by securing control of facilities that manufacture Fero’s products. The acquisition also provides Fero with an immediate source of revenue through the continuing sale of AVL’s existing suite of products. The Company will also acquire over 70 employees, including 15 engineers.
“We are thrilled to welcome the talented team at AVL to Fero. With AVL’s bench strength and manufacturing facility, Fero is positioning itself to accelerate its ambitious global growth strategy,” said Sabrina Fiorellino, Fero’s Chief Executive Officer in a company statement.
“Combining the capabilities of Fero and AVL, including AVL’s engineering expertise and a 30-year track record of executing large scale projects, we move forward with a strengthened platform to meet the demand for specialized solutions in the global modular health care and infrastructure market.”
“The world needs innovative, cost-effective, practical solutions to quickly address major challenges and constraints in healthcare, indigenous and remote communities and areas hit hard by natural disasters. This is where Fero, leveraging the additional experience of the AVL team, can lead the way,” said Vince DiCristofaro, Chief Executive Officer of AVL in a press release.