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Techspan Industries Acquires 100% of Shares of Pico of Canada

Autosphere » Mechanical » Techspan Industries Acquires 100% of Shares of Pico of Canada
Techspan Head Office, Mississauga, Ont. Photo Techspan

Ron Grieve, Owner of Pico, and Frank Dunnigan, CEO of Techspan Industries, recently announced the sale of 100% of the shares of Pico to Techspan. The acquisition was effective immediately.

“After many years in the automotive wire accessory business, I had to look at a succession plan,” said Ron Grieve. “We looked for the right fit—not just for ourselves, but also for our customers, suppliers, and employees. Founded in 1989, Techspan is a family-owned Canadian company with a similar business philosophy and a set of corporate values that closely matched those of Pico. We couldn’t think of a better partner to carry the Canadian torch forward than Techspan.”

Strategic acquisition

Techspan supplies thousands of wiring products to electrical, automotive, heavy-duty, marine, electronic, and industrial distributors throughout Canada, while Pico is a recognized leader in automotive wire, cable, and connection accessories to automotive, heavy-duty, marine, electronic, and industrial markets across Canada.

“We were looking for a strategic acquisition that would deliver more value to our distributors across the country,” said Frank Dunnigan. “The extensive range of Pico products and their reputation for operational excellence with customers is perfectly aligned with Techspan. Our two companies, Canadian-owned and totally committed to the Canadian market, will deliver exceptional results for all stakeholders going forward.”

Techspan’s head office is in Mississauga Ont. and Pico’s head office is in Burnaby, B.C.

Pico will continue to be run as a separate division with no changes to employees, operations, or the sales and marketing team. Products will continue to be shipped from Burnaby and Toronto locations and there will be no changes to AP or AR procedures.

Grieve will continue to work for Pico as Chairman of the corporation.

 

Categories : Mechanical, Press release
Tags : Management

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