Princeton, Ont.—Tiercel Technology Corp., has rounded out the purchase of “certain” SnowBear Ltd., assets some three months after the snowplow and trailer manufacturer filed for bankruptcy.
According to Tiercel, the acquired assets include the SnowBear name, patents, trademarks and engineering drawings of the snowplow division of the Guelph, Ont.-based manufacturer.
“This purchase will allow SnowBear plow products to continue to be a Canadian success story as the number one brand in personal snow plows,” Tiercel president and CEO Bruce Seeley said in a statement.
Tiercel’s acquisition will create “several new jobs” at the company’s Princeton, Ont., facility, according to Seeley, with production ramping up as early as next month.
Previously owned by private equity firm Catalyst Capital Group, SnowBear filed for bankruptcy in late March, 2012, the second time the company did so since 2005.
Terms of the deal were not disclosed.