Genstar Capital Acquires Voice Construction
8/5/2008
Experienced Energy Services Investors To Provide Capital And Resources To Leading Oil Sands Player
Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
SAN FRANCISCO, August 5, 2008 – Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the industrial technology, life sciences, healthcare services, business services and software services industries, today announced that it will build on its experience in the energy services sector with the acquisition of Voice Construction, a leading provider of civil construction services to the major operators in the Alberta oil sands and surrounding areas.
Voice Construction is headquartered in Edmonton, Alberta, and has a regional focus in Northern Alberta, particularly Edmonton, Fort McMurray, and surrounding areas, providing core specialty services that include site preparation, and infrastructure development such as underground utilities installation, tank foundation, tank containment lot construction and maintenance services. It also provides services in related energy sectors for projects in the petrochemical, pipeline and power industries.
“The acquisition of Voice Construction represents a unique opportunity for us to back a leading player in the ongoing growth and development in the oil sands region in Canada,” said Darren J. Gold, a Managing Director of Genstar. “The attractiveness of the vast energy reserves in the Canadian oil sands and the resulting robust investment in that region has led to a rise in major construction projects that will be a key part of the company’s growth. We look forward to working with Voice’s senior management team to provide the capital and resources to further grow the business.”
Genstar has previous experience in Alberta’s oil sands as one of the original investors in North American Energy Partners, Inc. NAEP) which the firm acquired in 2003. NAEP is one of the largest providers of mining and site preparation, piling and pipeline installation services in western Canada.
Genstar acquired Voice Construction from the Voice family, which founded the company in the 1930s. The company today has a highly experienced management team and a fleet of modern heavy construction equipment and an experienced service group. Voice Construction’s clients are some of the largest energy and petrochemical companies in Western Canada.
“Voice has developed a number of competitive advantages during its many years of focused experience operating in the oil sands region that will allow us to continue to be a leader in the Western Canadian construction industry,” said Scott Shea, President and CEO of Voice Construction. “We are very pleased to be partnering with Genstar given their experience in and knowledge of our industry and their track record as successful investors.” Michael Hrynchuk, VP of Operations for Voice, added, “Given the abundance of projects that have materialized in Alberta, and the stability of the oil sands, the resources and support that Genstar and their management bring to the Voice team could not have materialized at a more opportune time. I expect this new relationship will only strengthen and expand the services and capacities that Voice has always strived to provide its clients as well as open a door to numerous new opportunities and ventures.”
Financing for the transaction was led by Canadian Imperial Bank of Commerce (CIBC) and HSBC Bank Canada (HSBC). Voice Construction’s financial advisor was CIBC World Markets.
About Genstar Capital, LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that for 20 years has been actively investing in high quality middle-market companies and building value in those businesses by utilizing the expertise of its operating partners. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating partners and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has more than $3 billion of committed capital under management and targets investments focused on selected sectors within the life science, healthcare services, industrial technology, software, and business services industries.