American manufacturer and supplier of geosynthetic and environmental products Hanes Geo Components has reached an agreement to acquire the majority of the business and assets of Edmonton-based geotextile distributor Nilex Inc and its wholly owned subsidiary Nilex USA Inc. Hanes Geo Components has made this decision with an intention to operate Nilex’s business on a going-concern basis.
Nilex’s US operations will be consolidated under Hanes Geo Components, which is a wholly owned subsidiary of Leggett & Platt. Nilex’s Canadian operations will be consolidated under Terrafix Geosynthetics, Inc, a subsidiary of Hanes Geo Components.
“Leggett & Platt have demonstrated a commitment to a sustained growth strategy within our industry. With Leggett & Platt support, Hanes is an ideal strategic buyer for Nilex. We are excited about the prospects of moving forward working with the Hanes and Terrafix teams. It’s been a pleasure getting to work with the entirety of the Leggett & Platt teams, and we are excited about what the future holds,” stated CEO Trevor Derksen, speaking on behalf of the Nilex team.
“Nilex has long been a leading distributor of geosynthetics in Western Canada. We are excited to join forces and to provide the Nilex team a stable foundation from which to revitalise their growth efforts,” said David Fuerth, president of Terrafix Geosynthetics.