Enterprise Group Announces $9.1 Million Equipment Supply and Services Agreement
January 08 2018 - 8:30AM
Enterprise Group, Inc. (“Enterprise,” or “the Company”) (TSX:E), a
consolidator of services to the energy sector today announced that
it has secured a one-year rental equipment supply and services
agreement valued at C$9.1 million with one of Canada’s largest
energy producers focused on growing its strong portfolio of diverse
resource plays.
“Starting out 2018 with this deal is a testament
to the success of our business approach over the last several
quarters,” stated Desmond O’Kell, SVP and Director. “We look
forward to working closely with this partner as well as continuing
to strategically manage our growing business and expanding our
influence and footprint.”
Enterprise is a leader in the infrastructure and
industrial rental markets through its four subsidiaries.
Throughout 2017, Enterprise has experienced a
meaningful increase in activity from its existing customers coupled
with a substantial surge in new customers which has resulted in
increased market share for its business units. Management’s
efforts to streamline and maximize efficiencies have translated
into improved margins, positive cash-flow quarter after quarter and
a return to profitability in Q3 2017.
Management feels that Enterprise is within a
very select group of producers and service providers that have
aggressively adapted their organizations to operate successfully in
the current commodity price environment.
For questions or additional information, please
contact: Leonard Jaroszuk: President & CEO, or Desmond
O’Kell: Senior Vice-President contact@enterprisegrp.ca
780-418-4400
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of
construction services companies operating in the energy, utility
and transportation infrastructure industries. The Company’s focus
is primarily construction services and specialized equipment
rental. The Company’s strategy is to acquire complementary service
companies in Western Canada, consolidating capital, management, and
human resources to support continued growth. Enterprise acquired
Artic Therm International Ltd. in September 2012, Calgary
Tunnelling & Horizontal Augering Ltd. in June 2013, Hart
Oilfield Rentals in January 2014, and Westar Oilfield Rentals Inc.
in October 2014. More information is available at the Company’s
website, www.enterprisegrp.ca. Also, today’s filings can be
found on www.sedar.com
Forward Looking InformationCertain statements
contained in this news release constitute forward-looking
information. These statements relate to future events or the
Company’s future performance. The use of any of the words "could",
"expect", "believe", "will", "projected", "estimated" and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future events.
Actual future results may differ materially. The Company's Annual
Information Form and other documents filed with securities
regulatory authorities (accessible through the SEDAR website
www.sedar.com) describe the risks, material assumptions and other
factors that could influence actual results and which are
incorporated herein by reference. The Company disclaims any
intention or obligation to publicly update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as may be expressly
required by applicable securities laws.
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