Oakville, Ontario, Canada-based Vicwest has executed its rights under a previously-announced convertible debenture investment and acquired 56 percent of the common shares of Vacaville, Calif.-based All Weather Insulated Panels, a U.S. manufacturer of insulated metal panels (IMPs) for industrial, commercial, and cold storage applications.
Vicwest’s original 2010 investment in All Weather was in the form of a debenture, convertible at Vicwest's direction, to common shares having an equity value of 56 percent of All Weather. It includes rights to intellectual property and patents and a five-year call option to purchase the remaining minority ownership interest based upon an agreed earnings formula.
Vicwest's acquisition of the majority position supports the company's overall growth strategy, provides greater opportunities for IMP market expansion across North America, and capitalizes on recent business advancements between the two companies. These include the commercialization of a third manufacturing facility in Little Rock, Ark., in 2012 and technology and best practice synergies that have standardized the North American IMP product offering. To ensure continued expansion of the business and product line, the founders of All Weather, Bill and Michael Lowery, will remain in key leadership positions with the company’s North American IMP Group. Visit www.awip-vicwest.com.