On July 5, 2022, NIBE Stoves Canada Corp. (“NIBE Stoves”), a Canadian subsidiary of NIBE Industrier AB (Publ), a Swedish international heating technology company, completed the second tranche of its three step acquisition of 100% of the shares of Pacific Energy Fireplace Products Ltd., a manufacturer of wood stove and gas fireplace technology based on Vancouver Island, British Columbia. In this second tranche, NIBE Stoves acquired an additional 41% of the shares of Pacific Energy, bringing its total holdings to 51% and acquiring control of Pacific Energy. Subject to certain interim period covenants, NIBE Stoves will acquire the balance of shares in the first half of 2023.
Cassels is acting for NIBE Stoves.