GC-Global Capital Corp. (“Global Capital”) announced it has entered into a joint venture called TGC Acquisition Corp. (“TGC”) with Rossmore and Partners Investments Corp. (“Rossmore”), under which the parties have completed the acquisition of DDR Landscaping Contractors Ltd. (“DDR”) for a purchase price of $2,500,000. Global Capital and Rossmore will have an equal interest in the joint venture. Global Capital has provided a $1,000,000 non-interest bearing demand promissory note to the joint venture company to finance the acquisition. Rossmore provided an additional $500,000 and the sellers have provided $1,000,000 in seller financing for the balance of the purchase price. The promissory note to TGC is guaranteed by DDR.
Based in Oakville, DDR is a commercial site contractor in the Ontario region. It has been a leader in the industry for the past 15 years. Employee structural changes at DDR will be minimal. All of the employees will continue to work at DDR and the previous owners will remain an integral part during the transitional period.
Global Capital’s joint venture partner, Rossmore, is headed up its principal, Susan Tanenbaum who has more than 20 years of senior management experience with industrial companies and has worked throughout the United States and Canada.