CALGARY, ALBERTA -- (Marketwire) -- 03/05/13 -- Black Diamond Group Limited (TSX: BDI) ("Black Diamond" or the "Company") is pleased to announce an indirect, wholly-owned subsidiary of Black Diamond has completed the acquisition of the remaining 10 percent interest in the Australian modular rental business, Australian Portable Buildings Pty. Ltd. ("APB") previously purchased by Britco LP ("Britco"), a division of WesternOne, as announced on December 21, 2012 in the joint acquisition of APB by Black Diamond and Britco.
Black Diamond paid AUD$3.81 million (CAD$3.99 million) for this interest in APB. The Company now holds 100 percent of the legacy modular rental business of APB. Britco has retained the previously announced 80 percent controlling interest of the manufacturing component of the APB business in a separate entity.
Black Diamond financed the acquisition with a combination of cash and debt available under its existing credit facilities.
About Black Diamond
Founded in 2003, Black Diamond Group Limited is one of the fastest growing remote lodging, modular building and energy services companies worldwide. With its corporate head office located in Calgary, Alberta, Black Diamond provides world-class services to a full spectrum of industries including oil and gas, mining, power, construction, engineering, military, government and education.
Through its wholly-owned subsidiaries; Black Diamond Limited Partnership, BOXX Modular Holdings Inc., Black Diamond Australia Holdings Pty. Ltd. and through its 50% equity participation in the Black Diamond Dene Limited Partnership, Black Diamond West Moberly Limited Partnership, and Black Diamond Nehiyawak Limited Partnership, Black Diamond operates four complementary business units in seventeen strategic locations across Canada, the USA and Australia.
Black Diamond Structures rents and sells remote workforce housing and modular workspace solutions and provides associated services; Black Diamond Logistics provides turnkey lodging services, remote facility management and supply chain solutions; Black Diamond Energy Services rents and sells a complement of oilfield equipment and services and Black Diamond International rents and sells remote workforce housing and modular workspace solutions and provides associated services.
In the interest of providing Black Diamond's shareholders and potential investors with information regarding Black Diamond, including management's assessment of the future plans and operations of Black Diamond, certain statements contained in this news release constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "anticipate", "continue", "estimate", "expect", "forecast", "may", "will", "project", "could", "plan", "intend", "should", "believe", "outlook", "potential", "target" and similar words suggesting future events or future performance. In particular, this news release contains, without limitation, forward-looking statements pertaining to the following: expectations of Black Diamond regarding the proposed Acquisition, including the timing of completion of the Acquisition, operating and financial metrics of the Acquisition, potential synergies resulting from the Acquisition, and the effect of the Acquisition on Black Diamond's operations and financial results.
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