One of Central Alberta’s leading manufacturers has been sold to a private equity firm.
Westridge Cabinets Ltd., which is based in Gasoline Alley and employs about 300, has been purchased by Signal Hill Equity Partners of Toronto. Terms of the deal, which closed March 1, were not disclosed.
In addition to 140,000 square feet of manufacturing facilities in Red Deer County, Westridge Cabinets has outlets in Edmonton, Calgary and Lethbridge. These have showrooms and provide design, service and installation support.
A news release issued by Signal Hill said it will work with Westridge Cabinets’ existing management team.
“Westridge has shown an impressive track record of success and customer service and we are eager to carry on its tradition of excellence,” said James Johnson, managing partner with Signal Hill.
Eric Potter, Westridge Cabinet’s chief operating officer, added that the deal should support future growth.
“We are looking forward to working with Signal Hill to improve our current position and expand across Western Canada.”
Westridge Cabinets’ founder, Gary Gant, said he is retiring but will continue to reside in Red Deer.
Gant started Westridge Cabinets in 1983, after purchasing the Red Deer branch office of Vancouver-based Crestwood Cabinets Ltd. He expanded its product offerings and in 1986 began doing his own manufacturing.
In 2000, the company relocated from Red Deer to its current location in Red Deer County.
Signal Hill has completed more than 50 transactions in a variety of industries, including financial services, specialty distribution, business services and manufacturing businesses. Among these are Orbit Garant Drilling Inc, one of the largest Canadian-based drilling companies; and Gesco Industries Inc, a national floor covering distributor that operates under the Shnier name.