Sunday 20 January 2019

Dublin-listed Mincon Group acquires Canadian distribution business

Mincon equipment in use in drilling in South Africa
Mincon equipment in use in drilling in South Africa
Ellie Donnelly

Ellie Donnelly

Drilling equipment maker Mincon has acquired Pacific Bit of Canada, a distribution company based in Vancouver.

A long established business, Pacific Bit distributes mainly mining and construction products in Western Canada.

Sales at the group last year were around C$5.5m (€3.6m) and the business was profitable.

The Pacific Bit team is staying in place to develop the business with the North American team of Mincon, to build revenue and distribution in the coming years, a statement from Mincon said.

"We believe this is an important building block in developing the group sales into the Canadian market with an excellent local team," Mincon added.

In announcing the deal Mincon said it is prepared to discuss acquisition, partnership and investment with other businesses in "suitable geographic territories and relationships", for its key and ancillary products.

In its first half results for 2018, announced in August last year, Mincon posted a 19pc jump in revenue.

Profit before tax for the six month period was up 24pc to more than €7.8m. The results were boosted by the acquisition of peer business Driconeq earlier in 2018.

Originally founded in 1977 in Shannon, Mincon now has offices in 15 countries across five continents.

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