Western Announces Sale of GlassMasters Investment

Executive Summary

• Western Investment Company of Canada sold its equity stake in GlassMasters ARG Autoglass Two Inc. for approximately $23.2 million.
• The sale represents an approximate 2.3× multiple to the carrying value of the investment (carrying value ≈ $17.0 M).
• Proceeds will be redeployed toward insurance investments and long‑term value creation for Western shareholders.

Key Details

• Transaction Value: ~​$23.2 million, subject to customary post‑closing adjustments (working capital true‑ups, escrow).
• Multiple of Carrying Value: ≈ 2.3× (carrying value of the three private‑equity investments, including GlassMasters, ≈ $17.0 M).
• Investment History: Western initially invested in GlassMasters in 2016; the business grew from 7 to 19 operating locations and expanded its wholesale division.
• Strategic Rationale: Aligns with Western’s broader strategy as an insurance and investment holding company; proceeds will be used to fund additional insurance investments and create long‑term shareholder value.
• Management Comments:
• Paul Rivett, CEO, called the disposition “an important transactional step” in Western’s strategic transformation.
• He highlighted continued leadership of GlassMasters by Roger Tulk and Jamie Goddard alongside new partners.

Notable Quotes

“This transaction provides additional capital to deploy toward insurance investments and long‑term value creation for our Western shareholders.” – Paul Rivett, CEO

All boilerplate, forward‑looking statements, and subscription information have been omitted.