Atlas Engineered Products Ltd. (TSXV:AEP) acquired Leon Chouinard Et Fils Co. Ltd./ Ltee on August 23, 2023. The issuance of 1,739,129 common shares in the capital of Atlas Engineered Products having a value of $2,000,000 at a price of $1.14 per share to certain shareholders of LCF; and payment of $26.88 million in cash. The transaction is financed using a combination of the Company's existing cash and bank financing through the Company's existing banking relationships with a major Canadian chartered bank. The acquisition of LCF was completed effective August 23, 2023. To acquire all the issued and outstanding shares of LCF, the Company paid a purchase price of $26 million plus $2.88 million ($28.88 million total) in net closing adjustments for LCF's cash, income taxes receivable and payable and working capital excluding inventory as at June 30, 2023.
The purchase price for LCF is subject to additional post-closing adjustments based on LCF's working capital, inventory, cash and income taxes payable/receivable at closing. The Consideration Shares issued to former shareholders of LCF are subject to a hold period of four months plus one day from the closing date of the acquisition.

In 2022, Leon Chouinard Et Fils Co. Ltd./ Ltee generated over CAD 25.7 million in revenues, net income of over CAD 6.3 million and non-IFRS measure normalized EBITDA of approximately CAD 9.47 million.
Atlas Engineered Products Ltd. (TSXV:AEP) completed the acquisition of Leon Chouinard Et Fils Co. Ltd./ Ltee on August 23, 2023.