April 19, 2018 – Malcolm Bird, general manager of Fusetek, and Frank Dunnigan, CEO of Techspan Industries, announced the sale of shares of Fusetek to Techspan, with an expected closing date of June 12, 2018.
“After 45 years in business, we had to look at a succession plan,” said Bird. “We looked for the right fit—not just for ourselves, but also for our customers, suppliers and employees.”
Dunnigan, meantime, said “We were looking for a strategic acquisition that would deliver more value to our distributor customers across Canada. The Fusetek range of products are an excellent addition to our already extensive product offering”.
Techspan is a family owned Canadian company, Bord noted, “with a similar business philosophy and a set of corporate values that closely matched those of Fusetek. We couldn’t think of a better partner to carry the Canadian torch forward than Techspan”.
Fusetek will continue to be run as a separate division with no change in the current sales team. The Kingston warehouse and offices are a part of the acquisition and inside sales functions and product shipments will continue from Kingston for a seamless transition. Finance and accounting functions will be reconciled “in short order”.
Techspan supplies wiring products to electrical, automotive and industrial distributors throughout Canada. Fusetek is a player in industrial fuses and related panel products, and also sells through electrical distributors across the country.