Update on Advance Engineered Products
ADVANCE ENGINEERED PRODUCTS ANNOUNCEMENT!
We are pleased to announce that Ironbridge Equity Partners has agreed to purchase all of the assets of Advance Engineered Products Ltd. as well as the shares of Dumur Industries. Ironbridge is a Canadian private equity firm funded by leading Canadian, US and European institutions and with investments in high-quality, mid-market, Canadian private companies. Ironbridge will be maintaining the existing infrastructure of plants and service locations.
We are pleased with the result of the sale process and what it means for our future. Ironbridge brings financial stability and expertise to help us serve you better. Advance will continue to manufacture best in class tanks, tank trailers and vacuum systems under the Advance, Lazer Inox, and Westech brands. Our Advance Tank service centers will continue to offer exceptional service at a fair price. We will honor all warranties and continue to deliver the high quality products and services that we are known for.
We also want to take this opportunity to acknowledge and apologize for the impact this disruption has had, and would like to thank our customers and vendors for their continued loyalty through this sales process. Going forward, Advance will honor that loyalty with strong and sustained business relationships. We have emerged through this process a stronger and more vibrant organization, better able to meet our customers’ needs.
Thank you for your business. If you have any questions or concerns, please contact any of the staff Krohnert Industries Inc. at 416-948-6121 or email@example.com
Advance Engineered Products has received protection under CCAA 04/10/2015
To all our valued customers and friends,
A sharp and sudden downturn in the oil & gas market in Western Canada has resulted in a large number of cancelled or deferred sales orders in Advance’s Western marketplace. In order to protect the long term viability of the business Advance has filed, with the banks agreement, for protection under the Companies’ Creditors Arrangement Act (CCAA); the key word is protection. This allows Advance to restructure their business for the future.
The Court has appointed Ernst & Young as Monitor, who will work with Advance to identify new strategic partners and develop a restructuring plan for the company. Customer deposits are placed in trust during this time and we are moving forward with orders and production.
The primary people who will be impacted during this restructuring will be manufacturing facilities in Regina, Lazer, and Westech which will be temporarily operating at a reduced production rates.
All Advance Tank (Service) Centers are open and unaffected by recent events.
While we cannot currently estimate how long Advance will remain under protection from their creditors, rest assured that every effort is being made to make this period as short as possible.
We believe that this protection will provide the stability and breathing space needed to restructure; this is a great Canadian business with a rich history. It has gone through challenging times in the past, but by focusing on delivering value to their customers, it will ultimately make an attractive target for new investment.
The employees of Advance Engineered Products are critical to their future success, as are their relationships with many stellar customers and suppliers. It is only with their continued support that Advance we will again reach the heights this business has achieved in the past. We thank you all in advance for your continued support throughout this difficult period. We will endeavor to keep you apprised as events unfold throughout this restructuring process, both by email and on our website at www.krohnert.com.
Though the restructuring has mandated changes across the business, we are all working hard to maintain service levels to our valued customer base. Please contact Krohnert Industries Inc. with your tank or tank trailer requirements as we will provide sales coverage in an expanded area of Ontario and across Eastern Canada.