Wajax Corporation announced that it has acquired Thunder Bay, Ontario-based Process Flow Systems.
Established in 1985, Process Flow is a specialist provider and engineered integrator of industrial process pumps, valves and monitoring and control systems. It serves customers in a wide range of industries, including pulp and paper, water and wastewater management, energy generation and mining. The company operates a one-branch location with four employees.
Iggy Domagalski, president and CEO of Wajax, stated “We are pleased to welcome Process Flow to the Wajax family. With it comes long-established customer and supplier relationships, and a team highly regarded for their technical expertise and customer service. Aligning with Wajax’s industrial parts and engineered repair services growth strategy, the addition of Process Flow enhances our industrial process capabilities for customers in Ontario.”
As per the terms of the acquisition agreement between the companies, the assets of Process Flow were acquired in exchange for cash consideration of approximately $3.96 million, plus a three-year performance-based earnout of up to $650,000 in the aggregate, payable in cash.
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