MAGNUM ENERGY SERVICES ACQUIRES TSI THERMAL SPRAY INDUSTRIES LTD. (TSI)Edmonton, Alberta (April 17, 2015) – Magnum Energy Services (MES) is pleased to announce that MES has concluded a definitive agreement to acquire TSI Thermal Spray Industries Ltd. (TSI) effective immediately.
Terry Freeman, MES Board Chair said “We are very excited to welcome the TSI team to the MES family of companies. The combination of TSI with our existing Inotec business will make MES a leader in corrosion solutions technologies and services using metals. The depth of experience and management capability that we have on a combined basis will be second to none in our industry.”Michael Hankirk, president of TSI said “With the addition of TSI, MES now has the broadest suite of corrosion and abrasion resistance solutions available to the industrial sector in western Canada. We look forward to the many synergies this will provide to TSI’s and MES’s customers.”
Mike Hankirk and Rob Longhe will continue to be integral parts of the TSI group as well as the growth and development of the MES Metals business unit.The transaction was facilitated through the guidance of DAI Capital Advisors Inc. “We have worked with DAI on previous transactions. They understood our business, and just as important, they understood our personal objectives. DAI specifically identified MES as a group that fit what we were looking for in a partner” said Mike Hankirk.
TSI Thermal Spray Industries Ltd. is based out of Fort Saskatchewan, Alberta. Leaders in pressure vessel corrosion and pipeline wear protection, TSI produces a custom blended tungsten carbide overlay for tailings piping applications in the Oil Sands.About DAI
DAI Capital Advisors Inc. is a mid-market corporate finance and investment banking firm located in Edmonton, Alberta. DAI Capital provides a full range of acquisition, divestiture, corporate finance and advisory services to mid-market companies, helping them grow their businesses and harvest their wealth.