Source Atlantic, an industrial wholesale distributor based in Saint John, N.B., has officially been sold, officials announced Thursday.
Ocean Capital Holdings said its sale of Source Atlantic to Lawson Products Canada was approved by the Competition Bureau of Canada earlier this week.
Lawson Products Canada is a wholly owned subsidiary of Distribution Solutions Group Inc., also known as DSG, based in the United States.
“We are proud of Source Atlantic’s achievements and confident that Lawson Products Canada will continue to build on this success,” John Irving, president of Ocean Capital Holdings, said in the release.
“This transaction aligns with our strategic vision to create value and provides Source Atlantic with the resources to further strengthen its position in the Canadian market.
“We look forward to working with Source Atlantic as a valued supplier and continuing to benefit from their exceptional service and collaborative approach.”
Ocean Capital first announced its intention to sell Source Atlantic to Lawson Products Canada in early July.
It said DSG expressed interest in acquiring Source Atlantic as a platform company for their Canadian operations for continued growth across the company.
Lawson Canada operates several stores under the banner of Bolt Supply throughout western Canada.
Describing itself as an “innovative and industry-leading” industrial whole distributor, Source Atlantic employs 550 people across two dozen locations in Atlantic Canada, Ontario, Manitoba, Saskatchewan, and Alberta.
Originally founded in 1867 in Saint John as a hardware merchant, the company has evolved as part of the Irving group of companies, acquiring numerous businesses across Canada over the past 157 years.
Source Atlantic generated around $250 million in sales during the most recent fiscal year, according to a release from DSG.
Acadia Broadcasting, which owns this radio station, is also part of Ocean Capital Holdings.
