Western Investment Company Completes Full Acquisition of Fortress Insurance
Deal News | Dec 31, 2024 | Globenewswire
Western Investment Company of Canada Limited (WICC) has announced the finalization of its acquisition of all remaining shares in Fortress Insurance Company for $3 million. Initially announced in October 2024, the acquisition involves Western issuing 25,193,922 common shares valued at a total of $10 million in exchange for 3,875,988 shares of Fortress, valuing the total acquisition at $13 million. Although WICC has received conditional acceptance from the TSX Venture Exchange, the acquisition still awaits final approval. Western, a unique publicly traded private equity company, focuses on building and maintaining ownership in successful Western Canadian companies. The company emphasized the forward-looking nature of the acquisition, noting potential risks such as the acquisition not receiving final regulatory approvals.
Sectors
- Private Equity
- Insurance
Geography
- Canada – Both Western Investment Company and Fortress Insurance Company are based and operate primarily within the Canadian market.
- United States – The article mentions the impact of economic conditions in the United States, suggesting relevance to cross-border considerations in business strategy.
Industry
- Private Equity – Western Investment Company operates as a private equity firm, focusing its investments in Western Canadian companies.
- Insurance – Fortress Insurance Company is an insurer, which is the target entity in this acquisition.
Financials
- $3 million – The amount paid by Western Investment for the remaining shares of Fortress Insurance at the final closing.
- $13 million – The deemed aggregate amount for the total acquisition of Fortress Insurance.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Western Investment Company of Canada Limited | Bidding Company | Company | A publicly traded private equity company that focuses on building ownership in Western Canadian companies. |
| Fortress Insurance Company | Target Company | Company | An insurance company fully acquired by Western Investment Company in this transaction. |
| TSX Venture Exchange | Regulatory Body | Government | The stock exchange where Western's shares are listed and which must approve the acquisition. |