A Central Alberta success story will end unhappily on Dec. 18 and 19.
That’s when the assets of Red Deer-based Profab Welding Ltd. will be sold at a pair of receivership auctions.
An oilfield manufacturing company with operations in Red Deer and Rocky Mountain House, Profab went into receivership on Sept. 19. Also named in the receivership order was Profab Trucking Inc., Profab Corp., Profab Field Services Ltd. and Jason Parks.
Parks, who was a high school drop-out, founded Profab in Grande Prairie in 2003.
He grew the business from a single welding truck to a diversified company with more than 100 employees, and in 2011 received the Business Development Bank of Canada’s Young Entrepreneur Award for Alberta.
The then 31-year-old had moved to Red Deer a few years earlier and opened a shop here.
At the time of its receivership, Profab had operations at 7754 47th Ave. Cl. in Red Deer and at 4911 43rd St. in Rocky.
An auction of the company’s remaining equipment, inventory and vehicles will be held at its former Red Deer premises on Dec. 18 and in Rocky the following day.
The sales are being conducted by Century Services Inc., with BDO Canada Ltd. the receiver.