Stuart Olson buys Banyan Capital-backed Tartan for $12 mln

Stuart Olson Inc (TSX: SOX) has acquired the outstanding shares of Tartan Canada Corp, a Calgary-based mechanical maintenance, repairs and operations business. Stuart Olson, a Calgary-based solutions provider to the Canadian construction and industrial services market, paid about $12 million. It said the acquisition will give the company access to a larger share of the industrial market both in terms of mechanical and general contracting opportunities. Established in 1953, Tartan was acquired in 2006 by Banyan Capital Partners, a Canadian private equity firm and affiliate of Connor, Clark & Lunn Financial Group.

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