TORONTO, March 31, 2014 – Market Square Equity Partners (“MSEP”) acquired a controlling interest in Ontario Excavac Inc. (“OE”) alongside incoming CEO, Barry Wood. Existing management and shareholders will continue to own a minority equity position in the business and work with the incoming CEO to continue implementation of its growth strategy.
OE, based out of Mississauga, is one of Ontario’s largest hydro-excavation and utility service providers with a growing fleet of hydro-excavation trucks and support vehicles. OE’s complements its core hydro-excavation service by providing many more value-added in-hole services and offers customers turnkey solutions to underground maintenance requirements.
The investment in OE represents the first platform investment for MSEP in its key focus area of infrastructure services. “We are very bullish about the underlying fundamentals in this industry and believe that service businesses that support the maintenance and repairs of existing underground infrastructure will remain strong” said Matt Hall, Managing Partner at MSEP. Derrick Ho, Managing Partner at MSEP adds, “We are very impressed by management and work closely with them to uncover efficiencies and pursue new growth strategies.”
Market Square Equity Partners is a research driven, industry focused private equity firm based in Toronto, Ontario. MSEP’s partners have a combined 70+ years in private equity and venture capital, and have been involved in over 100 transactions. MSEP focuses primarily on lower middle market companies in Canada with high growth potential, either organically or through acquisition. At present, MSEP is focused on investments in infrastructure services.