Stewart Group has completed the acquisition of G&T Metallurgical Services ("GTMET"), a British Columbia-based provider of Metallurgical and Mineralogical Testing and Analysis. The deal valuation was not disclosed.
GTMET employs 63 staff at its state-of-the-art facility in Kamloops, and undertakes projects globally, with particular prominence in North, Central and South America, and Australasia. The Company has a strong worldwide reputation through its expertise in precious and base metals, and its pioneering mineralogy capability with QEMSCAN™ applications, which accelerates the processes of mineral identification.
Stewart Group and GTMET have worked closely together since entering into a strategic alliance during 2009. GTMET will form a third division within Stewart Group, which will be headed up by GTMET President Tom Shouldice. It will operate alongside the existing group divisions of Geochemical & Assay, and Inspection & Analysis.
Debt finance for the acquisition was provided by HSBC, while CBPE provided follow-on equity funding.