Bassi Construction Ltd., Basscon Group Inc. acquired by Mosaic Capital
Mosaic Capital Corporation announced yesterday that has acquired a 70 percent interest in the business being carried on by Ottawa-based Bassi Construction Ltd. and Basscon Group Inc. (collectively: Bassi) at a cost of $24.5 million. The remaining 30 percent is retained by John Bassi.
Calgary-based Mosaic said the purchase was funded through a combination of cash ($21.5 million) and vendor take-back financing ($3 million) which is payable in full on November 30, 2019. There is also a three-year earn out provision to be paid to the vendor if the business meets specified financial targets.
In a statement, John Bassi, President and CEO stated “I am thrilled to partner with the Mosaic Capital team. Their professionalism, honesty and work ethic are the same values that have been a part of the Bassi team for the last 50 years. Mosaic management’s depth will make our firm even stronger and more competitive. I look forward to working closely with the Mosaic team as we further expand our business.”