Entrec Transportation Services to Acquire Mains Group of Companies

Entrec Transportation Services Ltd., Spruce Grove, Alberta, Canada, has entered into a letter of intent to acquire the Nisku, Alberta-based Mains Group of Companies, which includes Mains Crane & Rigging Ltd., Main Crane USA Inc., Mains Transportation Services Inc., Nisku Engineering Ltd., and Independent Crane & Equipment Inc.

The Mains Group currently employs about 85 employees and operates a fleet of cranes and specialized heavy haul transportation equipment valued in excess of $30 million.

"Our expansion into the crane services market is a key element of our overall growth strategy," said Rod Marlin, Entrec's chairman and CEO. "Crane services are very complimentary to heavy haul transportation and allow our customers to obtain both their heavy haul and lifting needs from one vendor."

The aggregate purchase price payable by Entrec will be $56.28 million, less debt as at the closing of the transaction. The acquisition is currently anticipated to close around June 4, 2012.