Hydro Mobile Restructuring Completed
Hydro Mobile’s proposal to its creditors was voted on and accepted
As announced nearly three months ago, Hydro Mobile’s ownership opted to reorganize the company under the Canadian Companies’ Creditor’s Arrangement Act, a procedure similar to Chapter 11 in the United States. A notice of intention was registered on October 20, 2009. Following that process, Hydro Mobile submitted a proposal to its creditors, which was voted on and accepted on January 25. For all intents and purposes, the restructuring is now completed.
Parallel to restructuring the company, the shareholders started a process to solidify its capital base for the immediate and long-term perspective given the current economic environment. This process brought the shareholders to find the perfect fit for Hydro Mobile. The AGF Group, a Quebec-based company specialized in the production and installation of reinforcing steel, had started an incursion in the access industry and was looking to strengthen its position on the market. Considering this, the acquisition of Hydro Mobile represents a key strategic investment.
According to company president, Vincent Dequoy, “The arrival of AGF Group as the new owner of Hydro Mobile represents tremendous opportunities for both companies. Indeed, the financial backing and contacts brought in by our new partner will allow our company to reinforce its leadership position on the market. It is also very important to mention that the culture, vision, and business practices of AGF Group are very similar to the ones established at Hydro Mobile through the years. This point was a priority for the shareholders in order to ensure the continuity of our company.”
While Hydro Mobile ownership is changing, it was established that the existing shareholders and key personnel would remain present and active within the company. In the midst of the organizational changes, the actual president, Vincent Dequoy, has decided to focus his efforts toward sales activities by taking the role of Sales and Marketing Vice-President. Likewise, Chad Baumgartner, currently Director of Business Development and a shareholder, has decided to focus all of his energies in Sales and the development of new clients in the U.S. market. These decisions were mainly influenced by the prevailing market conditions and the fact that Dequoy’s and Baumgartner’s knowledge of the market and products should benefit the company in the short and long term. By doing so, Dequoy will soon pass on the president’s position to long-time partner and current executive Vice-President, Benoit Duplessis, who is part owner and has been actively involved in the company since 2000, bringing in over 25 years of experience in the access industry.
Duplessis says, “We sincerely want to thank our customers and distributors for supporting us through this difficult period and want to ensure that, as we did since the beginning of this process, our company will continue to offer the same quality products and services as we did in the past. We can now proudly affirm that Hydro Mobile is here to stay and stronger than ever.”
For additional information, visit www.hydro-mobile.com.
About the Author
Hydro Mobile designs and manufactures mast-climbing work platforms that integrate innovative structural, mechanical, ergonomic and safety features to increase productivity, facilitate project completion, reduce worker fatigue and considerably decrease the risk of injuries. For more information, visit www.hydro-mobile.com.